Well that didn’t take long. Mortgage rates jumped back over 7.0% for the week ending November 10th, according to the Freddie Mac weekly survey.
- 30-year fixed was up 13 basis points to 7.08%, this is now a whopping 410 basis points from one year ago.
- 15-year fixed was up 9 basis points to 6.38%, this is now up a whopping 411 basis points from one year ago.
Analysis. Sam Khater, Freddie Mac’s Chief Economist, said the housing market is all about rate. “The housing market is the most interest-rate sensitive segment of the economy, and the impact rates have on homebuyers continues to evolve. Home sales have declined significantly and, as we approach year-end, they are not expected to improve.”
MBS. The 30YR UMBS 5.0 saw a slight increase for the week from 96.17 last Wednesday (11/2) to this Wednesday (11/9) when it closed at 96.75.