US 30-Year Mortgage Rates Fall for 4th Week

The average rate on a 30-year fixed US mortgage fell 9 basis points to 7.21% in the week ending November 6, marking a fourth consecutive weekly decline and providing some relief to the struggling housing market. Borrowing costs have dropped nearly 30 basis points from an almost two-year high of 7.5% reached early last month, although rates remain elevated enough to deter many prospective buyers. Lower financing costs helped drive a 7.5% increase in mortgage applications for home purchases, the largest weekly gain since mid-April and only the second rise since late August.

Applications for refinancing also increased 4.5%, extending their advance to a third consecutive week, although the index remains near its lowest level since January 2025. Despite these improvements, a sustained decline in borrowing costs may be necessary to encourage stronger housing activity. Contract signings for previously owned homes fell to a record low in September following a sharp rise in mortgage rates. Source: Trading Economics

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