November Mortgage Outlook: Rates on the Rise

Mortgage rates are likely to rise in November, as a December cut from the Federal Reserve has started to seem uncertain.

Mortgage interest rates fell ahead of Fed cuts in September and October, because mortgage lenders worked market predictions into their base rates instead of waiting for confirmation.

Federal Reserve Chair Jerome Powell's Oct. 29 press conference took a bit of a finger-wagging tone as Powell seemingly chastised over-eager prognosticators.

ADP's next report comes out Nov. 5, but preliminary numbers covering through the first two weeks of October showed growth.

Assuming that trend continued through the end of the month, that data isn't endorsing a rate cut.

Freddie Mac's weekly mortgage rate survey is averaging 6.3% so far this quarter, but then again, we're only a month in.

Last month, we predicted that mortgage rates would slide downward as the government shutdown created uncertainty both general

The Federal Reserve's widely anticipated rate cut also fueled downward momentum. And that was pretty much exactly what happened.