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 are currently more than half of a percentage point lower than they started the month. Rates have dropped dramatically across the board so far in November in response to data that shows the economy has slowed substantially since the Federal Reserve started hiking the federal funds rate last year.
At its November meeting, the Fed kept rates steady and signaled that it's closely watching the latest economic data to determine whether more hikes are necessary to bring inflation down to its target.