Mortgage Rates Fall for Third Straight Week

By Nicholas G. Miller

Mortgage rates fell for their third consecutive week as bond yields continued to ease, offering a modicum of relief to a housing market frozen by some of the highest borrowing costs in years.

Rates for 30-year fixed mortgages averaged 7.18% this week, down from 7.24% the week before. That is the lowest point since the end of September, when rates were at 7.03% and in the middle of a surge that eventually brought them to 7.4%.

Mortgage rates have eased as 10-year Treasury yields have fallen, in part because of a selloff among tech stocks that led investors to rush into the bond market. Yields fell further following the Democratic rout in Tuesday's midterm elections, which raised hopes for an end to the war in Iran.

Still, mortgage rates are almost a full percentage point higher than they were at this time last year, which has caused buyers to retreat. Newly pending listings fell 17% in October from the previous year, the biggest drop since 2023, according to Zillow. Meanwhile, existing home sales for the month fell 8.7% year-over-year.

Write to Nicholas G. Miller at nicholas.miller@wsj.com

(END) Dow Jones Newswires

November 05, 2026 12:04 ET (17:04 GMT)