With Trusted Expertise , Built Locally for Builders Like You
6 BuildersOutlook 2024Issue12
Mortgage Rates Rise Amid Post-Election Market Volatility
Mortgage rates climbed in November , driven by market volatility and a surge in Treasury yields following the recent elections . On the day after the election results , the 10-year Treasury yield spiked by 14 basis points ( bps ), setting the stage for further rate increases throughout the month . According to Freddie Mac , the average rate for a 30-year fixed-rate mortgage increased 38 basis points from October , reaching 6.81 %. Meanwhile , the 15-year fixed-rate mortgage saw an even steeper increase of 43 bps to land at 6.03 %.
The 10-year Treasury yield , a key benchmark for mortgage rates , averaged 4.37 % in November — 38 bps higher than October ’ s average . This increase reflected heightened market uncertainty and persistent volatility . NAHB Economist Catherine Koh shares forecasts for how these rates may be impacted following the activities of the Dec . 17-18 meeting of the Federal Reserve in this Eye on Housing post .
Building on a Strong Foundation
With Trusted Expertise , Built Locally for Builders Like You
After decades of dedicated service , Henry Tinajero is retiring , leaving behind a legacy of excellence in construction banking at WestStar . We are proud to introduce Patsey Martinez as the incoming leader of our Construction Banking Team .
Henry Tinajero
SVP , Construction Banking Manager - Retiring
915.747.1663
Patsey Martinez
SVP , Construction Banking Manager - Incoming
915.771.1803
With 36 years of banking experience , Patsey will lead our trusted team of experts who are ready to support your construction banking needs . We are committed to providing the dedication and personalized service you have come to rely on from WestStar .
Equal Housing Lender weststarbank . com
Deposit and loan products are offered through WestStar Bank , Member FDIC .
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