Mortgage Rates Drop For Fifth Consecutive Week

Mid-August, the average rate jumped above 7% and kept rising for seven straight weeks, reaching as high as 7.79% at the end of October.

Mortgage rates have dropped for the fifth consecutive week.

The 30-year fixed-rate mortgage fell to an average of 7.22% this week, which is down from 7.29% last week. Around this time a year ago, the average 30-year fixed-rate stood at 6.49%.

Mid-August, the average rate jumped above 7% and kept rising for seven straight weeks, reaching as high as 7.79% at the end of October.

Rates continue to increase amid high levels of inflation, but the recent declines could be a sign that rates have peaked for this cycle.