- Mortgage Interest Rates Today, October 9, 2023 | How Will This Week’s Inflation Data Impact Mortgage Rates? 1Mortgage rates spiked quite a bit last week, with 30-year mortgage rates reaching a high of 7.58%, according to Zillow data. Rates remain elevated this week, but they could start inching down soon. When mortgage rates will fall largely hinges on inflation, and this week’s CPI data will give us the latest look at how prices are trending.
Key takeaways:
- Cooling inflation will allow the Federal Reserve to stop hiking the federal funds rate, removing some of the upward pressure that has helped mortgage rates reach a 23-year high.
- Experts generally expect that inflation will continue to slow, allowing mortgage rates to trend down throughout 2024.
- Mortgage Refinance Rates for Oct. 9, 2023: Rates Increase 2The average rates for 10-year fixed refinances also moved up. At the start of the pandemic, refinance rates were at historic lows of around 3%. Then, in early 2022, the Federal Reserve stepped in to curb inflation by hiking its key short-term interest rate, the federal funds rate.
Key takeaways:
- The Federal Reserve’s decision to hike interest rates has led to an increase in refinance rates.
- Despite the increase in refinance rates, they remain lower than they were before the pandemic.
- Housing Market Trends: What’s Happening With Mortgage Rates and Housing Prices Right Now? 3Estimates as of early October 2022 put the average rate on a 30-year mortgage at 7.06%.
Key takeaways:
- The housing market is experiencing a slowdown due to rising interest rates and home prices.
- Experts predict that housing prices will continue to rise in the coming months.
