Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
Mortgage rates increased for a fourth consecutive week as the average 30-year fixed mortgage rate reached 6.54% this week, up from 6.44% a week ago, according to Freddie Mac.Mortgage rates had dropped to a low of 6.08% at the end of September. Mortgage rates are still lower than a year ago when the 30-year fixed mortgage rate was 7.79%.Still, the trend comes nearly a month after the Federal Reserve reduced the federal interest rate by 0.5 basis points.
Over the last few years, there has been a tension between downbeat economic narrative and incoming economic data stronger than that narrative. This has led to higher-than-normal volatility in mortgage rates, despite a strengthening economy,” said Sam Khater, Freddie Mac’s chief economist.Redfin suggests that the election is influencing mortgage rates.
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