US Mortgage Rates Drop Below 7% in Biggest Decline Since July

Source: Bloomberg

“US mortgage rates fell last week by the most since the end of July, slipping below 7% and helping generate a bounce in purchase applications that otherwise remain depressed. The contract rate on a 30-year fixed mortgage decreased 24 basis points to 6.9% in the week ended Nov. 11, according to Mortgage Bankers Association data released Wednesday. The group’s index of applications to buy a home rose 4.4% — the most since June — but is still near the weakest level since 2015.” (11/16/22)

https://www.bloomberg.com/news/articles/2022-11-16/us-mortgage-rates-drop-below-7-in-biggest-decline-since-july