November 2022 Interest Rate Update
November 10, 2022
According to an 11/10/22 article written by Ann Saphir and Howard Schneider for Reuters, “October data published Thursday by the Labor Department showed key items like rents increasing less than expected, while the price index for used cars … declined by 2.4%, the fourth consecutive monthly drop. Though overall inflation remained high by historic standards, with prices increasing 7.7% from a year earlier, the monthly pace of “core” inflation that excludes volatile food and energy costs dropped by half, to 0.3% in October from 0.6% the month before.”
The benchmark 10-year Treasury (US10Y) peaked at 4.23% on October 19th. With today’s news, the US10Y closed at 3.82%.
The current market for fixed-rate loans looks like the following
- 3-year fixed from 5.50-7.00%
- 5-year fixed from 5.50-7.00%
- 10-year fixed from 5.35-6.50%
- 15-year fixed from 5.50-6.50%
- 20-year fixed from 5.50-6. 50%