Facts: The average 30-year fixed mortgage rate from Freddie Mac grew to 6.72% from 6.54% last week. At 6.72%, with 20% down, a monthly mortgage payment is $2,069 on a home with a price of $400,000. With 10% down, the typical payment would be $2,328.

Positive: Once past the election uncertainty and the Fed's meeting next week, mortgage interest rates should start to settle again into the mid-6% range. For current homeowners, the increase in mortgage rates has less impact as they continue to be the winners in today's housing market. The typical homeowner has about $415,000 in wealth compared to the typical renter of $10,000.  

Negative: Many home buyers may take a quick pause this week as attention has turned to the election. They may also be waiting for interest rates to settle in the coming weeks, but remember, any pause creates built-up demand in the market.
 

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