U.S. 30-Year Fixed Mortgage Rate Falls for Third Straight Week to 7.18%

The average U.S. rate for a 30-year fixed mortgage eased to 7.18% on Nov. 5, extending its decline to a third week as prospective borrowers continued to delay decisions.

The rate stood at 7.24% on Oct. 29 in the previous weekly update. Demand remained subdued as prospective borrowers put off decisions while waiting for borrowing costs and the economic and political outlook to stabilize.