Department of Revenue tax collectors raked in $2.359 billion last month, almost $300 million or 14% more than expected but a drop of $85 million or 3.5% compared with actual collections in October 2021.
Revenue Commissioner Geoffrey Snyder said Thursday that DOR has collected $11.565 billion in tax receipts through four months of fiscal year 2023. That’s $369 million or 3.3% more than collections through the same period of fiscal 2022 and $529 million or 4.8% more than what the administration was expecting to have brought in by this point in the year.
He said October’s results were marked by a year-over-year decrease in the non-withholding income tax, corporate and business tax, and “all other tax” categories.
“These decreases were partially offset by increases in withholding and sales and use tax.” Snyder said.
Average mortgage rates back under 7%
The average long-term U.S. mortgage rate dipped back under 7% this week, one day after the Federal Reserve raised its benchmark borrowing rate to its highest level in 15 years.
Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate fell to 6.95% from 7.08% last week. The rate was 3.09% last year at this time.
The rate for a 15-year mortgage, often used by those refinancing their homes, fell to 6.29% this week from 6.36% last week. One year ago, it was 2.35%.
On Wednesday, the Fed raised its short-term lending rate by another 0.75 percentage points, three times its usual margin, for a fourth time this year. Its key rate now stands in a range of 3.75% to 4%, with more increases likely on the horizon.
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