Mortgage rates hold steady near 2-month lows

couple discussing a mortgage | mortgage rate news

Mortgage rates continue to hold at a 2-month low

The national average for mortgage rates has maintained its gains from last week and has held at a 2-month low for the past week. A fixed rate, 30-year mortgage has a national average of 6.61%. That’s down over half a point from the previous highs. If inflation continues to cool, home buyers may get the relief they’ve been looking for.

How has rent changed in the past few years?

It’s been a tough few years for renters, but there have been positive developments. The good news is that rent growth has slowed for five straight months as of September 2022. The bad news is that rent is still, on average, up 10.2% from September 2021, and up 22.6% compared to September 2020.

Has the housing price correction already started?

Housing prices have started to adjust, but it really depends on the market. Fortune has put together an interactive map to show how housing prices have changed from their 2022 peak. Among the 400 largest housing markets in the U.S., 219 have seen prices fall from their highest levels. The average decline across the country is 2%.

Home prices in the Southwest, including parts of California and Arizona appear to have cooled off at the largest percentage. Other areas in the western part of the country that have seen dramatic changes include the Seattle metro area, Salt Lake City, and Boise.

When it comes to areas that are still at or near their peak, they’re mostly concentrated in the eastern part of the country. The majority of the larger markets in then Northeast are still at or near their peak.

in 10 minutes?

The pre-approval process is lightning fast, and can be completed
in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply. 

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.