Ticker: October Tax Revenue Soars.Mortgage interest rate below 7%

The Revenue Service raised $2.359 billion last month. That’s nearly $300 million or 14% more than expected, but $85 million or 3.5% less than actual collections in October 2021.

Ways and Means Commissioner Jeffrey Snyder said Thursday that the DOR collected $11.565 billion in tax revenue over the four months of fiscal 2023. This is $369 million or 3.3% more than he collected for the same period in fiscal 2022, and $529 million or 4.8% more than the administration’s taxes. It was expected to be brought in by this point in the year.

He characterized October results as year-on-year declines in the categories of non-withholding income taxes, corporate and business taxes, and “all other taxes.”

“These decreases were partially offset by increases in withholding and sales and use taxes,” Snyder said.

Average mortgage interest rate drops below 7%

Average long-term mortgage rates in the US fell below 7% this week, a day after the Federal Reserve raised its benchmark borrowing rate to its highest level in 15 years.

Mortgage buyer Freddie Mac reported Thursday that the average key 30-year rate fell to 6.95% from last week’s 7.08%. At this point last year he was at 3.09%.

Interest rates on 15-year mortgages, which are often used to refinance home loans, fell to 6.29% this week from 6.36% last week. A year ago he was 2.35%.

On Wednesday, the Fed raised short-term lending rates by another 0.75 percentage points. This is three times the normal margin and the fourth time this year. The key rate is currently in the 3.75% to 4% range and could go higher in the future.

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