Today's Mortgage Rates - 12/04/2022
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Mortgage rates drifted a little lower this week, and the Fed is signaling that a smaller hike in rates can be expected this month.
Freddie Mac reported today that the average offered interest rate for a conforming 30-year fixed-rate mortgage decreased by another nine basis points (0.09%), dipping to 6.49%, a level good enough to be the lowest since mid-late September,
Conforming fifteen-year FRMs fell back a bit more, posting a decline of fourteen basis points (0.14%), leaving the most popular shorter-term mortgage at an average rate of 5.76%, good enough for a 10-week low.
The economic news of late has been mixed to slightly softer. For example, the Fed's most recent Beige Book covering regional economic conditions in the six-week period leading up to November 23rd found that "Economic activity was about flat or up slightly since the previous report, down from the modest average pace of growth in the prior Beige Book period."
Investors were already cheered by the prospect of a soon-to-be less aggressive Federal Reserve after the minutes of the November meeting were released last Wednesday. They indicate that the central bank would likely soon slow the size and perhaps the pace of rate hikes going forward. In a speech this week, Fed Chair Jay Powell all but confirmed a smaller hike for December, saying "it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down. The time for moderating the pace of rate increases may come as soon as the December meeting."
This has helped mortgage rates to decline a little further already this week, and should help rates be slightly lower in the next few days, too. If Friday's employment report shows any degree of labor market loosening, a larger decline could come, too.
Each week in HSH's MarketTrends newsletter, we track and discuss economic conditions that affect mortgage rates and their impact on housing markets and consumers. Read the most recent edition of MarketTrends or subscribe for email delivery.
Current mortgage rates
| Week | 30-year-Fixed | 15-year-Fixed | 5-year-ARM |
|---|---|---|---|
| 11/10 | 7.080% | 6.380% | 6.060% |
| 11/03 | 6.950% | 6.290% | 5.950% |
| 10/27 | 7.080% | 6.360% | 5.960% |
| 10/20 | 6.940% | 6.230% | 5.710% |
| 10/13 | 6.920% | 6.090% | 5.810% |
| 10/06 | 6.660% | 5.900% | 5.360% |
| 09/29 | 6.700% | 5.960% | 5.300% |
| 09/22 | 6.290% | 5.440% | 4.970% |
| 09/15 | 6.020% | 5.210% | 4.930% |
| 09/01 | 5.660% | 4.980% | 4.510% |
| 08/25 | 5.550% | 4.850% | 4.360% |
| 08/18 | 5.130% | 4.550% | 4.390% |
Mortgage Choices at a Glance
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