October Mortgage Outlook

Land includes grass hay farm, timber stands, ponds and a creek.

Mortgage Market


Mortgage rates climbed in response to the hawkish comments from the Fed, confirming they will likely raise rates at least one more time before the end of the year. The next Fed meeting is on October 31st and November 1st.    


Average Rates (as of October 6th, 2023)


Residential 30-Year @ 7.49%

Multifamily 5/30 @ 6.65%

Agricultural 25-Year @ 7.25% 


Lumen Mortgage News


Hot this month: Pumpkin Spice Everything & Agricultural Properties


Despite recent rate hikes, our customers continue to seek new homes for their families, and many are searching for homes with higher acreage and in more rural locations.  


Agricultural zoning, ag use, outbuildings, multiple residences, and income-producing attributes such as hay leases, horse boarding, and farming can make a property ineligible for conventional financing.


At Lumen Mortgage, we specialize in financing agricultural properties. We have competitive loan options for farms, ranches, vineyards, equestrian estates, even recreational land.  


Lumen Mortgage has a full spectrum of financing for Residential, Multifamily, and Agricultural properties.  


Interesting Reads


Strategizing Success: Exploring Different Avenues Of Real Estate Investment


More Than A Box, Smarter Than A Prefab: Modular Housing Is Back, And This Time With Style


How The Pandemic Reshaped Restaurant Real Estate 


Provided by Lumen Mortgage