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Four Weeks, Four Drops: Mortgage Rates Keep Falling

  • 11:14 AM EST

by UrbanTurf Staff

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Buyers finally have a little momentum on their side when it comes to interest rates.  

The average 30-year fixed-rate mortgage came in at 7.11% this week, according to Freddie Mac’s weekly survey. That represents the fourth weekly drop in a row: the average stood at 7.32% on October 22, 7.24% on October 29 and 7.18% on November 5. 

Freddie Mac chief economist Sam Khater said rates are now at their lowest level in seven weeks, calling the drop “a welcome development that gives borrowers greater flexibility” in the current market. Some context, though: the four-week slide from a peak of 7.40% helps, but rates are still well above where they were earlier in the year, so affordability is still a stretch for most buyers. A year ago, the 30-year rate averaged 6.24%. 

For buyers who have been sitting out the fall market, the trend is worth watching, even if it hasn’t brought much relief yet. October home sales nationally fell to a 16-year low, and although rates have come down in recent weeks, the 30-year average is still above 7% and could stay high for a while.

See other articles related to: interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/four_weeks_four_drops_mortgage_rates_keep_falling/25193.

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