The 30-year fixed-rate mortgage averaged 6.61% as of Nov. 17, according to data released by Freddie Mac FMCC, -1.29% Thursday, lower than the 7.08% rate seen last week. It was the biggest weekly decline since 1981.“Mortgage rates tumbled this week due to incoming data that suggests inflation may have peaked,” Sam Khater, chief economist at Freddie Mac, said in a statement. “While the decline in mortgage rates is welcome news, there is still a long road ahead for the housing market.
This week, Freddie Mac also used new methodology in its Primary Mortgage Market Survey to include “more detailed data and monitor real-time mortgage rates more closely,” according to a statement. The yield on the 10-year Treasury note TMUBMUSD10Y, 3.770% was at 3.77% around noon in New York City on Wednesday.
'The collapse in the real estate market slowed down a bit'