After two months of rises, mortgage rates are finally declining

Mortgage rates in the U.S. declined for the first time in seven weeks, Bloomberg reports. 

The average for a 30-year, fixed loan is 6.78%, down from 6.79% last week, Freddie Mac said in a statement Thursday. 

While homebuyers are now confronting borrowing costs that are higher than they were a month ago, some shoppers are still trekking ahead with deals. In the four weeks ending Nov. 10, contracts to buy previously owned homes were up 4.7% from a year earlier, according to Redfin Corp. data. At the same time, a measure of mortgage applications rose for the first time in seven weeks, according to the Mortgage Bankers Association.

“Rates have leveled off, but overall affordability continues to be an issue for potential homebuyers,” Sam Khater, Freddie Mac’s chief economist, said in the statement.

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