Mortgage rates were down significantly this past week in the Freddie Mac Weekly Survey. The 30 Year Fixed Rate Mortgage was at 6.61% in the Freddie Mac survey results and the 15 Year Fixed Rate Mortgage was at 5.98%. Rates are still very volatile day to day and even intraday.
** Please note that Freddie Mac now has a new methodology to it’s rate reporting, which started today.
Freddie Mac’s Weekly Survey was released today with its most recent assessment of the mortgage rate landscape.
(dynamic chart with current data)
In other rate news, the Fed Funds Rate target is expected to rise again in December by 0.50%. The Fed has been getting more aggressive in tapering its balance sheet, which is know as QT (quantitative tightening.) The plan is to reduce mortgages held by the Fed by $35 billion per month and US Treasury securities held by the Fed by $60 billion per month. The reduction in mortgages are happening at a much slower pace than planned. See actual tapering charts below.
(dynamic charts with current data)