General World News

30-year mortgage rates see largest one-week drop in a year, reviving mortgage demand

As 10-year Treasury yields tumbled, the average 30-year fixed mortgage fell 26 basis points in the week ending Nov. 9, the largest one-week decrease since last November.

The 30-year, fixed mortgage averaged 7.5% as of Nov. 9, according to Freddie Mac‘s Primary Mortgage Market Survey. That’s down significantly from last week’s 7.76% and up from 7.08% the same week a year ago.

However, the gap between mortgage rates now and a year ago has narrowed, Bright MLS Chief Economist Lisa Sturtevant said. 

“At today’s rates, the typical monthly payment is about $3,000, just $250 higher details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com