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Mortgage rates have dropped quite a bit this month after spiking to 23-year highs in October, and they've inched down even more this week. Average 30-year mortgage rates fell to 7.29% this week, 15 basis points down from last week, according to Freddie Mac.
Rates have decreased in response to economic data that shows inflation is continuing to slow and the labor market is cooling off. As things continue to cool, mortgage rates could continue to decrease.