Smith | Schnider

  • Services
  • Projects
  • About Us
  • Contact
  • Team
  • News
  • Careers
Facebook
Linked In
Menu

Subscribe To Get News & Updates



    Recent Posts

    • Mortgage Rates News
      In Market News, Smith | Schnider News
      November 29, 2022
    • Big houses, short commutes draw buyers to N.Va. cul-de-sac
      In Market News, Smith | Schnider News
      August 23, 2022
    • Sun Gazette: An Abundance of Style and Substance
      In Market News
      July 27, 2022
    • Home
    • Latest News
    • Mortgage Rates News
    Market News Smith | Schnider News Nov 29, 2022

    Mortgage Rates News

    National average rates have declined by 50 basis points* over the last two weeks for 30-year, fixed-rate mortgages. According to Freddie Mac, rates dropped by 3 basis points this week, to 6.58%. Rates dropped by 47 basis points last week, one of the largest declines in decades, and are down from an annual peak of 7.08%, which was registered two weeks ago. The mortgage rate for the same week one year ago was 3.10%. The decline comes after positive inflation data was released this month showing the 12-month inflation rate was 7.7% in October, down from 8.2% in September.

    The Federal Reserve has been working to battle the highest inflation in decades and has raised the Federal Funds Rate six times thus far in 2022, including four consecutive 75 basis point increases, with the most recent occurring earlier this month. Though mortgage rates are more closely tied to 10-year Treasury yields than the Federal Funds Rate, factors such as high inflation – and the actions that the Federal Reserve takes to combat it – weigh on economic confidence, causing fluctuations in yields and therefore mortgage rates.

    In addition, the Federal Reserve will meet again in December, and markets will be watching its moves and statements closely. Recent retail spending data, as well as December’s employment and inflation data will play a role in what, if any, actions are undertaken to raise rates further or take a wait-and-see approach. These actions will influence economic confidence moving into the new year.

    Some seasoned mortgage lenders have reacted to the current mortgage rate conditions by establishing favorable portfolio programs that can produce rates as low as 5%, as well as offering rate buy-down and Adjustable-Rate Mortgage (ARM) options. Some sellers have also adjusted to the current market by offering programs contributing to rate buy-downs. While the high-level national mortgage rate averages remain elevated and volatile, some promising options are developing for buyers.

    *A basis point is equal to one-hundredth of one percent (0.01%).
    **30-Year, Fixed-Rate Mortgage
    Source: federalreserve.gov, Freddie Mac, Smith Schnider Research, The Wall Street Journal

    Arlington, VA Office
    888 North Quincy Street
    Arlington, VA 22203
    703.935.1218

    Washington, D.C. Office
    700 Pennsylvania Ave
    SE, #360
    Washington, DC 20003

    • Services
    • Company
      • About Us
      • Team
      • Careers
      • Contact
    • Projects
    • News
    FOLLOW US

    Get the latest news & insights


    © Copyright Smith Schnider 2023

    Prices, included features and availability are subject to change without notice. Site map

    DIGITAL ALCHEMY
    • Services
    • Projects
    • About Us
    • Contact
    • Team
    • News
    • Careers
    Linked In
    • 888 North Quincy Street | Arlington, VA 22203
      703.935.1218