U.S. Mortgage Rates Fall, but Housing Demand Remains Weak

The average 30-year fixed mortgage rate dropped to 7.30% from 7.37% last week for conforming loans of $832,750 or less, according to the Mortgage Bankers Association. Despite the decline, refinancing applications remained 60% below year-ago levels, while home purchase applications fell 19% compared with a year earlier. Total mortgage applications declined 1.2% for the week ending October 30, highlighting continued weakness in the U.S. housing market.