Home Mortgage Rates Decline for 4th Week but Remain Sharply Higher Than Pre-Pandemic
• Average 30-year mortgage rate fell to 7.29% from 7.44% last week, but still much higher than 2 years ago • Rates have declined 4 weeks in a row but remain sharply higher than pre-pandemic • Higher rates and low inventory have stymied home sales, which dropped 20.2% this year • Average rate reached as high as 7.79% in late October, highest on record back to 2000 • Declining rates align with 10-year Treasury yield falling amid hopes inflation has cooled