US 30-Year Fixed Mortgage Rate Falls to 7.18%, Declining for Third Straight Week

Freddie Mac data released on November 5 shows the average 30-year fixed mortgage rate in the United States fell to 7.18%, marking three consecutive weekly declines. The rate was 7.24% a week ago and 6.22% a year ago. The 10-year Treasury yield dropped to 4.84%, which analysts say is the main driver behind the lower mortgage rates, though rates remain high and the housing market slump is expected to continue.