Mortgage rates go up again this week – what’s the forecast for November?
FILE-A for sale sign is displayed outside a home. (Steve Pfost/Newsday RM via Getty Images)
Mortgage rates increased for a fourth consecutive week, creating uncertainty about what could happen heading into November.
Citing Freddie Mac, the Mortgage Reports noted that the average 30-year fixed rate mortgage (FRM) increased from 6.44% on Oct. 17 to 6.54% on Oct. 24. While the last month of growth hurts potential borrowers, the 30-year FRM averaged 7.79% at the same time a year ago.
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Current mortgage rates are averaging 6.54% for a 30-year fixed-rate loan and 5.71% for a 15-year fixed-rate loan, according to Freddie Mac’s recent weekly rate survey.
What are experts predicting about November mortgage rates?
To forecast whether 30-year mortgage rates will rise or fall in November, the Mortgage Reports asked experts from CoreLogic, Home Qualified, Realtor.com, First American, and CJ Patrick to weigh in.
Opinions were split among the experts, with some saying mortgage rates will decline while others believe rates will be moderate.
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"The general trend for mortgage rates toward the end of the year and into 2025 will likely be downward if the labor market continues to soften and inflation slows," Odeta Kushi, a deputy chief economist at First American, said in a statement to Mortgage Reports.
Mortgage rates in 2024 have gradually declined in the second half of the year compared to last year. In 2023, mortgage rates changed considerably, with the average 30-year fixed rate falling to 6.09% on Feb. 2 and as high as 7.79%.
According to the Mortgage Reports, mortgage rates could decrease this week (Oct. 28-Nov. 1) if the mortgage market takes a careful approach to a potential recession. However, mortgage rates could increase if lenders account for the Federal Reserve taking measures to offset inflation or if a global event brings economic uncertainty.