Interest rates had their biggest weekly decline in 41 years

after reaching a 20-year peak and rising beyond 7%.

According to Freddie Mac, the average 30-year fixed rate mortgage

decreased from 7.08% on November 10 to 6.61% on November 17.

The third quarter of 2022 saw significant fluctuations in mortgage rates

the typical 30-year fixed rate plummeted as low as 4.99% on

August 4 before rising as high as 6.7% on September 29.

This came after rise of 248 basis points (2.48%) in the first half of the year