It seems mortgage rates fever has finally broken—at least for now.
After rising to 7.79% in October—the 2023 high—rates floated down notably over November amid signs of receding inflation pressures, finishing the month at 7.29%, according to the latest weekly data from Freddie Mac.
While this trend bodes well for a sagging housing market, still-high rates and home prices continue to create challenging conditions for buyers and sellers, hampering mortgage application activity.
In a widely expected move, the Federal Open Market Committee (FOMC) voted to leave the benchmark federal funds rate unchanged after its latest two-day policy meeting on November 1. The federal funds rate is the overnight borrowing rate for commercial banks and credit unions and indirectly influences mortgage rates.
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