US Mortgage Rates Hit Lowest Level Since September
Freddie Mac reports the average 30-year fixed-rate mortgage fell to 7.11%, marking the fourth consecutive weekly decline amid a housing market slump.
The average 30-year fixed-rate mortgage in the United States fell to 7.11% this week, marking the fourth consecutive weekly decline. According to Freddie Mac, the rate dropped from 7.18% the previous week, reaching its lowest level since September 24. The average 15-year fixed-rate mortgage also decreased, falling to 6.45% from 6.57%.
These declines follow a period of rising rates triggered by the start of the U.S. war with Iran in February, which drove up inflation and oil prices. While the 10-year Treasury yield has trended lower since early October, current mortgage rates remain significantly higher than the 6.24% average recorded one year ago.
High borrowing costs have contributed to a severe slump in the U.S. housing market. Sales of previously occupied homes reached their slowest annual pace in over 16 years last month. Market analysts suggest rates may remain elevated as the Federal Reserve System considers a potential interest rate hike in December to combat persistent inflation.
