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

Mortgage Rate Decline

#1

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

Impact on Homebuyer

#2

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

Rate Reduction Detail

#3

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

Yearly Comparison

#4

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

#5

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

Financial Strain

#6

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

Impact on Sale

#7

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

#8

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

Homebuyer Sentiment

#9

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

#10

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

#11

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

15-Year Mortgage Rate

#12