While interest rates on residential loans improved last month, more recently they have ascended to the highest level in four months. The forecast is for further escalation.
Thirty-year note rates on single-family loans closed during October averaged 4.20 percent. The average improved a basis point from the previous month.
But there has been substantial deterioration in long-term mortgage rates compared to a year prior, when the average was 3.76 percent.
Source: Mortgage Daily