The average 30-year fixed-rate U.S. mortgage fell to 7.22% during the week ending Nov. 30, revealed data released Thursday by mortgage giant Freddie Mac.
This marks a decrease of .7% from the previous week and the fifth consecutive week the U.S. mortgage rate has declined.
“Market sentiment has significantly shifted over the last month, leading to a continued decline in mortgage rates,” said Freddie Mac chief economist Sam Khater.
“The current trajectory of rates is an encouraging development for potential homebuyers, with purchase application activity recently rising to the same level as mid-September when rates were similar to today’s levels,” continued Khater.
