The benchmark 30-year fixed-rate mortgage fell to 7.32% for the week ending Oct. 22, according to Freddie Mac’s Primary Mortgage Market Survey. The bump concludes seven-week run of consecutive gains and a reduction from the 7.40% three-year high set last week week. A year ago, the same rate averaged 6.19%.
The 15-year fixed-rate mortgage also declined, to 6.68% from 6.71% last week, compared with 5.44% one year ago.
Despite rising inventory, home prices continue to rise. For banks, continued weakness would likely keep mortgage originations, refinancing activity, and related fee income muted.
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Overall customer satisfaction is on par with last year, while slower responses and less consistent support were areas that need improvement, the survey reported.
A proposed accounting standards update on mortgage servicing rights needs several revisions to avoid unintended consequences, ABA said in a letter to the Financial Accounting Standards Board.
The NFIB Small Business Optimism Index declined 0.1 point to 97.8 in September, slightly below the 53-year average of 98, the National Federation of Independent Business said.
Total household debt increased by $334 billion, or 1.8%, in the third quarter to $19.1 trillion, the Federal Reserve Bank of New York said in its Quarterly Report on Household Debt and Credit.
