Our experts answer readers' home-buying questions and write unbiased product reviews (here's how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.
Mortgage rates are significantly lower than this time last week, according to Freddie Mac. The average 30-year mortgage rate dropped 26 points to 7.50% — this is the lowest the rate has been since the beginning of October.
Yes, rates are still higher than they were a year ago. But after a month of rate spikes, this drop is a welcome reprieve for people shopping for homes.