After just one week above 7% rates fell back to a six handle, according to the Freddie Mac weekly survey.
- 30-YR FIXED fell 13 basis points to 6.95% for the week ending November 3rd, this is 386 basis points higher than one year ago.
- 15-YR FIXED fell 8 basis points to 6.29% for the week ending November 3rd, this is 394 basis points higher than one year ago.
Analysis. Sam Khater, Freddie Mac’s Chief Economist, said declining demand wasn’t helped by yesterday’s Fed announcement. “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.”
MBS. The 30YR UMBS 5.0 saw a slight downward move this week closing Wednesday night at 96.17, this is down 0.38 from last Wednesday’s (10/26) close