The 30-year U.S. mortgage rate fell to 7.53%, its lowest level since September 1. This is a significant retreat from the 8.45% realized in October, which is the 30-year rate’s highest level in 23 years. In November, the 30-year mortgage rate reached a peak of 8.13%.
15-year new purchase loans also declined, falling by three basis points to 6.85%; their lowest level since August. It’s also a decline from the 7.59% peak reached in August, which is the highest average level since 2000. The 30-year average fell even further, declining by 12 basis points to 6.69%; its lowest level since August as well.
Refinancing rate averages also declined, with the exception of the 30-year refinancing rate. The 30-year refi average surged higher by 20 basis points; a colossal 68 basis points higher than the 30-year new purchase rate.