30-Year Mortgage Rate Falls to 7.18% as Tech Rout Drives Treasury Yields Lower
Updated
Updated · Yahoo Finance · Nov 5
30-Year Mortgage Rate Falls to 7.18% as Tech Rout Drives Treasury Yields Lower
3 articles · Updated · Yahoo Finance · Nov 5
Summary
Freddie Mac’s average 30-year fixed mortgage rate slipped to 7.18% this week from 7.24%, extending a three-week decline but staying above 7%.
The drop tracked lower 10-year Treasury yields as investors fled a technology stock selloff and repositioned after Democrats’ sweeping midterm wins.
Wednesday’s yield decline also came with falling oil prices and hopes the election outcome could speed an Iran War resolution, curb data-center spending and ease inflation.
Mortgage demand has yet to respond: purchase applications fell 2% in the latest week and refinancing was nearly flat, suggesting borrowers are still waiting for rates and politics to settle.
Zillow expects mortgage rates to remain above 7% through mid-2027, saying deficits, geopolitical price pressures and AI-related corporate borrowing may keep bond yields elevated.