Mortgage rates have fallen sharply over the past few days (Nov 1-3, 2023) and the likelihood of another Federal Reserve rate hike just decreased. According to the Mortgage News Daily, the average 30 year fixed mortgage rate in the US fell to 7.36% on Friday November 3rd. That’s a one month low and the 3rd biggest three day decline in over a decade. Given that home prices are still high, that doesn’t provide much relief for home buyers but it’s certainly welcoming news especially given that less than 2 weeks ago rates were at 8% on average.
In today’s video, I explain why mortgage rates have been falling. One reason was from Friday’s October jobs report which showed that the unemployment rate came in higher than expected and nonfarm payrolls increased by 150k vs 170k expected. It appears our US labor market is cooling and that helped decrease mortgage rates on Friday.
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30 year fixed rate mortgage is around 7.4% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
*** Jason Walter, CPA (inactive CPA lic 103885) Sacramento real estate agent and native Realty ONE Group Complete (DRE 01923240) [email protected]
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Disclaimer: Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent with Realty ONE Group Complete in California under DRE 01923240.
