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Weekly Mortgage Rates Fall, But Fannie Mae Forecasts Higher Rates Ahead
Fannie Mae now expects 30-year mortgage rates to average 7.4% this quarter and 7.5% early next year after inflation pressures rose.
- The average 30-year fixed-rate mortgage dropped seven basis points to 7.34% APR in the week ending Thursday, October 15, breaking a seven-week streak of increases.
- Fannie Mae now predicts mortgage rates will average 7.4% through the end of 2026 before climbing to 7.5% in early 2027, signaling higher rates ahead.
- Inflation rose 3.7% year-over-year last month, with the gasoline index rocketing up 9.1%, keeping pressure above the Federal Reserve's 2% goal.
- Futures traders revised their predictions to reflect increased odds of a rate hike at the Fed's next meeting on October 27-28 following the inflation report.
- During the traditionally slow homebuying season, prospective homebuyers may find more negotiating power or consider shifting savings toward buying down their mortgage rate.
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Weekly Mortgage Rates Fall, But Fannie Mae Forecasts Higher Rates Ahead
Mortgage rates fell this week, breaking a seven-week streak of increases.The average rate on a 30-year fixed-rate mortgage dropped seven basis points to 7.34% APR in the week ending Oct. 15, according to rates provided to NerdWallet by Zillow. (A…
Coverage Details
Total News Sources27
Leaning Left2Leaning Right7Center16Last UpdatedBias Distribution64% Center
Bias Distribution
- 64% of the sources are Center
64% Center
C 64%
R 28%
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