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.
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