On Wednesday, Oct. 28, the Federal Reserve announced that central bankers would leave the federal funds rate unchanged. Since this was in line with market expectations, mortgage rates shouldn’t have much of a reaction — yet.
The average rate on a 30-year fixed-rate mortgage slid 10 basis points to 7.17% APR in the week ending Oct. 28, according to rates provided to NerdWallet by Zillow. (A basis point is one one-hundredth of a percentage point.) We calculate our weekly average using daily APRs recorded over the past five business days.
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