Instant Reaction: Mortgage Rates, November 16, 2023

Mortgage interest rates are showing signs of relief for home buyers. They have now dropped to 7.44% from 7.5% the week prior. The three-week drop is a steady sign we likely have hit a peak and are headed south for mortgage rates, especially as the 10-year treasury continues its fall from a peak of 5% to 4.4% today.

Late fall and early winter are typically slower home sales months, as home buyers generally do not want to uproot their family in the middle of the school year, and shopping for a home in the snow may not be an attractive option. However, as rates continue the expected decline, this might be a calmer season to home shop before rates fall into the 6% range in spring and pent-up demand floods into the market.

For now, as Pitbull says, "It's going down, I'm yelling Timber."