FX.co ★ US Mortgage Rates Decrease for 3rd Week

The average rate on a 30-year fixed mortgage in the US fell to 7.3% in the week ending October 30, the third straight weekly decline, according to the Mortgage Bankers Association. The drop in borrowing costs, which followed a decrease in Treasury yields, offered some relief to prospective homebuyers and homeowners considering refinancing. Nonetheless, overall mortgage application volume slipped 1.2% from the prior week. Applications for home purchases fell 2%, while applications to refinance existing loans inched up 0.1%.