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Mortgage Rates Down Significantly Since June
Dated: October 20 2022
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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates for 30-year fixed-rate mortgages with conforming loan balances fell last week from the week before. The drop came during a week where rates for FHA, jumbo loans, and 15-year fixed-rate loans all saw slight increases. Overall, though, rates were relatively calm. They’re also down significantly from their peak in June.
Joel Kan, MBA’s associate vice president of economic and industry forecasting, says further declines could bring hesitant home buyers back to the market. “If home price growth slows more significantly and mortgage rates move lower, we might see some purchasing activity return later in the year,” Kan said. For now, purchase activity remains depressed. Last week, it fell 1 percent from the week before and was 18 percent lower than last year at the same time. The MBA’s weekly survey has been conducted weekly since 1990 and covers 75 percent of all retail residential mortgage applications.
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