Homebuyers Get Two Major Mortgage Boosts
Summary
U.S. mortgage credit availability rose in October as lenders offered a wider range of loans, while average 30-year mortgage rates fell for several consecutive weeks. The changes give some qualified homebuyers more financing options, but the article says they do not make homes affordable for everyone.Key Facts
- The Mortgage Bankers Association’s Mortgage Credit Availability Index rose 0.4% to 107.5 in October, following declines in the prior two months.
- The increase partly reflected greater availability of jumbo loans and adjustable-rate mortgages.
- The MBA reported an average 30-year fixed mortgage rate of 7.21% for the week ending November 6, its fourth consecutive weekly decline.
- Freddie Mac reported an average 30-year fixed mortgage rate of 7.18% for the week ending November 5, its third consecutive weekly decline.
- Freddie Mac’s rate was down from 7.40% in the weeks ending October 8 and October 15.
- LoanDepot economist Jeff DerGurahian said investors shifted money from stocks into U.S. Treasury bonds, helping push Treasury yields and mortgage rates lower.
- DerGurahian said falling oil prices could ease inflation pressure, though the article noted that further mortgage-rate declines were uncertain.
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