The largest weekly decrease in mortgage rates brings them below 7%.

According to the Mortgage Bankers Association, the average US mortgage rate dropped under 7% on Wednesday, the biggest weekly drop since July.

A 30-year fixed-rate mortgage's average interest rate was 6.9%, down from 7.14%.

The rate has decreased as Treasury yields retreat in response to indications of reducing inflation.

The Mortgage Bankers Association said on Wednesday that a crucial lending rate for US house purchases has fallen below 7% as evidence mounts that inflation is slowing from sky-high levels.

In the week ending November 11, the average interest rate on a 30-year fixed-rate mortgage dropped from 7.14% the previous week to 6.9%.

The change represented the biggest weekly loss since July. The business association claimed that its weekly survey accounted for the Veterans Day holiday.

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