The biggest monthly drop in mortgage rates in a year

This week saw the largest one-week decline in mortgage rates since late November. After increasing for seven weeks in a row, rates have declined for the second week in a row.

Freddie Mac released statistics on Thursday that showed a decrease in the 30-year fixed-rate mortgage to an average of 7.50% in the week ending November 9, from 7.76% the week before.

The average 30-year fixed-rate hit its peak in 2022 a year ago, at 7.08%. The following week saw a 47 basis point decline in rates. There was a 26 basis point decrease from last week to this week.