Freddie Mac reports that the 30-year fixed mortgage rate rose to 6.46% during the week ended Oct. 16 from 5.94% the prior week, marking an eight-week high. The 15-year fixed mortgage rate climbed to 6.14% from 5.63% over the same period. The report indicates that lenders remain skittish, and more borrowers will find it difficult to secure financing.
This was reportedly the single largest one-week jump in rates in 21 years!
During these extremely volatile times, is in important to simply sit back, watch and study the market. It is our hunch that the Fed will drop the lending rate and that discount will be past back to the Nashville market by the end of the week.
And, if you think that financing is tough in the residential world…how about paying 400 basis points in the commercial market! Wow! Bucking that trend is Cumberland Commercial who has managed to somehow grow their Nashville commercial brokerage business during this time.
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