Posted 11/2/2023, 4:04:00 PM
Mortgage Rates See First Drop in 7 Weeks After Fed Holds Steady
- Mortgage rates dropped this week for the first time in 7 weeks, with the 30-year fixed-rate mortgage falling to 7.76%
- The drop comes after the Federal Reserve left its benchmark lending rate unchanged at the highest level since 2000
- Mortgage rates tend to track the yield on 10-year Treasuries, which fell in anticipation of the Fed's decision
- Mortgage applications declined for the 3rd week in a row as high rates and low inventory stifle demand
- Rates are expected to remain elevated until it's clear the Fed is done hiking rates, giving homebuyers a small bit of stability