The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) in the US fell by 23bps to 6.67% in the week ended November 18th, following a 24bps drop in the previous week which was the biggest decline since the last week of July, data from the Mortgage Bankers Association (MBA) showed. It is the first time in four months that borrowing costs fall for two consecutive weeks and now stand at their lowest level in eight weeks, tracking a retreat in bond yields. Still, mortgage rates remain close to levels not seen since 2001, and more than double the 3% reported a year earlier. source: Mortgage Bankers Association of America
Mortgage Rate in the United States averaged 6.01 percent from 1990 until 2022, reaching an all time high of 10.56 percent in April of 1990 and a record low of 2.85 percent in December of 2020. This page provides the latest reported value for - United States MBA 30-Yr Mortgage Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States MBA 30-Yr Mortgage Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2022.
Mortgage Rate in the United States is expected to be 7.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States MBA 30-Yr Mortgage Rate is projected to trend around 6.00 percent in 2023 and 5.00 percent in 2024, according to our econometric models.