Mortgage rates dropped sharply last week following a series of economic reports that indicated inflation may finally be easing.
The 30-year fixed-rate mortgage averaged 6.61% in the week ending November 17, down from 7.08% the week before, according to Freddie Mac, the largest weekly drop since 1981.
Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s unprecedented campaign of hiking interest rates in order to tame soaring inflation.
In the last week, two key inflation reports – the Consumer Price Index and Producer Price Index – showed that prices rose at a slower pace than expected in October, suggesting inflation is inching in the right direction, and has perhaps even peaked.
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Nancy Vallance has proudly served Real Estate clients for over 28 years in 7 Bay Area Counties as a Certified Appraiser and Licensed Realtor.
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