Did mortgage rates continue to cool off?

neighborhood in the fall | mortgage rate news

Mortgage rates move downward for the 2nd straight day

If the national average for a 30-year, fixed-rate mortgage slides again on Thursday, that’s three days of downward movement. That’s officially a winning streak. The national average for a 30-year, fixed-rate mortgage ended Wednesday’s session down 0.02% to 7.60%*.

On Thursday, all eyes will be on the inflation metrics. If they come in cooler than expected, we could end up with another day lower. However, if the inflation reports come in hot, we could see the move downwards end.

Housing industry requests Fed to stop with rate hikes

The National Association of Home Builders, the Mortgage Bankers Association, and the National Association of Realtors are all on the same page when it comes to interest rates. The three organizations wrote a joint letter to the Federal Reserve to “convey profound concern” about the state of the industry. The group requested that the Fed not “contemplate further rate hikes,” and not to sell its holdings of mortgage securities.

The letter stated, “The speed and magnitude of these rate increases, and resulting dislocation in our industry, is painful and unprecedented in the absence of larger economic turmoil.”

The groups are clearly hoping the Fed will refrain from hiking rates again. It remains to be seen if Jerome Powell and the other Fed presidents will consider the request.

What are the hottest home design trends for the fall?

The calendar has already flipped from summer to fall, but there’s still time to add the hottest autumn interior design trends to your home. The team at Realtor.com has surveyed several design experts to better understand how homeowners are updating their homes this fall.

Jewel tones such as teal blue, royal purple, and emerald green are considered the ‘hot’ colors for the fall. However, ‘granny’ wall paper in half-baths, laundry rooms, foyers or guest bedrooms is a trend that a lot of younger homebuyers appear to be adding.

Statements are also in this fall, and that means that bold lighting, and unique staircase runners are gaining popularity.  
* National average rates accurate as of 10/11/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.

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.