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.

Average 30-year mortgage rates reached 23-year highs in October, but they dropped last week and are at their lowest in over a month.

In its November meeting, the Federal Reserve announced that it is pausing federal fund rate hikes for now. This is good news for mortgage rates — although the federal funds rate doesn't directly impact mortgage rates, the general rule of thumb is that when the Fed's rate goes up, so do mortgage rates.