30-Year Mortgage Rate Falls 9 Basis Points to 7.14% Ahead of Fed Decision
Updated
Updated · Yahoo Finance · Oct 28
30-Year Mortgage Rate Falls 9 Basis Points to 7.14% Ahead of Fed Decision
3 articles · Updated · Yahoo Finance · Oct 28
Summary
The average 30-year fixed purchase mortgage rate dropped to 7.14% on Oct. 28, down 9 basis points from a day earlier, while the 15-year fixed eased to 6.57% and the 5/1 ARM to 7.11%.
The move came ahead of the Federal Reserve's Oct. 28 decision, with Zillow data showing broadly lower borrowing costs for homebuyers and most refinancers.
Refinance rates also mostly declined: the 30-year fixed fell 7 basis points to 7.05% and the 15-year fixed slipped 2 basis points to 6.56%, though the 5/1 ARM refinance rate rose 3 basis points to 6.85%.
Even after the pullback, mortgage costs remain elevated, with the Mortgage Bankers Association forecasting a 7.3% average 30-year rate in the fourth quarter and Fannie Mae projecting 7.4%.