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%…