US 30-Year Mortgage Rate Falls to 7.11%, Extending Four-Week Decline

The average rate on a 30-year fixed mortgage in the US fell for a fourth straight week, reaching its lowest level in seven weeks. Even so, borrowing costs remained above year-earlier levels.

Walter Bloomberg reported on Nov. 12 that the average rate on a 30-year fixed mortgage declined to 7.11% from 7.18% a week earlier. It marked a fourth consecutive weekly drop and the lowest level in the past seven weeks.

The average rate on a 15-year fixed mortgage also fell to 6.45% from 6.57% a week earlier.

Still, mortgage costs remain elevated compared with the same period last year, when the 30-year rate stood at 6.24% and the 15-year rate was 5.49%.

Mortgage rates have eased in recent weeks, but elevated borrowing costs continue to weigh on homebuying affordability.