Mortgage Rates Fell Three Weeks in a Row. Buyers Still Aren't Coming Back.

Freddie Mac's 30-year average slipped to 7.18%, and lenders report the lowest rates since September. But purchase applications are down 19% from a year ago and refinancing has all but stopped. Here is why — and what Tuesday's inflation report could do to your rate.

By Clara Hughes

For families hoping to buy a home before spring, the headline sounds encouraging. The fine print does not. Freddie Mac's benchmark 30-year fixed mortgage rate averaged 7.18% in the week ended Nov. 5, down from 7.24% a week earlier — the third straight weekly decline. The 15-year fixed averaged 6.57%, down from 6.60%. Yet buyers keep stepping back. Applications for a mortgage to purchase a home fell 2% in the latest weekly survey from the Mortgage Bankers Association and were 19% lower than a year ago, CNBC reported. Keep reading with Altas Premium. Below: why lower rates aren't thawing the market, the rise of adjustable-rate loans, what the jobs report and Tuesday's CPI mean for mortgage rates, the December Fed decision hanging over everything — and a practical checklist for buyers and owners. [Subscribe to Altas World News →] The