US mortgage rates fall for a fourth consecutive week, boosting homebuying demand.

US mortgage rates fell for a fourth consecutive week, driving purchase applications to their largest increase since mid-April and injecting a glimmer of vitality into a sluggish housing market. Data released Wednesday by the Mortgage Bankers Association (MBA) showed that in the week ended Nov. 6, the contract rate on a 30-year fixed mortgage fell 9 basis points to 7.21%. Borrowing costs have dropped nearly 30 basis points from the near two-year high of 7.5% earlier last month, but remain unaffordable for many Americans. The purchase loan application index jumped 7.5%, only its second week-over-week increase since the end of August. The refinancing index rose 4.5%, marking a third consecutive weekly gain but still near its lowest level since January 2025. While falling rates are good news for the housing market, a sustained decline may be needed to spur potential buyers' willingness to purchase. In September, signed contracts for existing homes fell to a record low as mortgage rates climbed rapidly. The National Association of Realtors will release October existing-home sales data on Thursday. Economists expect sales to fall to the lowest level since 2010. The MBA survey has been conducted weekly since 1990, covering mortgage bankers, commercial banks and savings institutions. The data covers more than 75% of U.S. retail residential mortgage applications.