US mortgage rates have fallen for the fourth consecutive week, which is positive news for home buyers.

Mortgage Rate Decline


Potential buyers facing high borrowing costs and stiff competition have found relief from falling mortgage rates.

Impact on Homebuyer


The average rate on a 30-year mortgage fell to 7.29% from 7.44% last week, a notable decrease.

Rate Reduction Detail


Compared to a year ago, the current mortgage rate is higher at 7.29%, which was 6.58% in the same period.

Yearly Comparison


Despite recent declines, the 30-year mortgage rate remains significantly higher than it was two years ago when it was around 3%.

Long-Term Rate Trend


Higher rates could impose additional costs on borrowers, potentially limiting their purchasing power in an already challenging housing market. 📷

Financial Strain


High mortgage rates and low housing supply contribute to the slowdown in sales of pre-owned U.S. homes.

Impact on Sale


The pace of home sales in October was the slowest in the last 13 years, with sales falling by a cumulative 20.2% compared to the same period in 2022.

Sales Decline


Despite the rate cuts, potential buyers remain cautious, waiting for further rate declines and an increase in housing inventory. 📷

Homebuyer Sentiment


Sam Khater, chief economist at Freddie Mac, notes the recent rate declines but believes buyers are waiting for even lower rates and more available homes.📷

Chief Economist's Insight


The average rate, which peaked at 7.79% four weeks ago, has now fallen to its lowest level in nine weeks at 7.19%.

30-Year Mortgage History


Borrowing costs for the popular 15-year fixed-rate mortgage for refinancing also declined, further hurting the housing market.

15-Year Mortgage Rate