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Mortgage Rates Drop, Hover Around 7%

Mortgage rates, or interest rates on home loans, decreased slightly and dropped below 7% mark, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 6.95 percent for the week ending November 3, 2022, down from 7.08 percent last week. A year ago at this time, the average rate was 3.09 percent.

The 15-year FRM this week averaged 6.29 percent, down from 6.36 percent last week. A year ago at this time, the 15-year FRM averaged 2.35 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 5.95 percent, down from 5.96 percent last week. It was 2.54 percent a year ago.

"Mortgage rates continue to hover around seven percent, as the dynamics of a once-hot housing market have faded considerably," said Sam Khater, Freddie Mac's Chief Economist. "Unsure buyers navigating an unpredictable landscape keeps demand declining while other potential buyers remain sidelined from an affordability standpoint. Yesterday's interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the housing market."

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