Mortgage rates fall for the third week in a row. ‘There is room’ for rates to drop further, one economist says.

Mortgage rates fell for the third week in a row on the back of early signs that inflation is slowing.

The 30-year fixed-rate mortgage averaged 7.44% as of Nov. 16, according to data released by Freddie Mac FMCC on Thursday. 

That’s down 6 basis points from the previous week. One basis point is equal to one hundredth of a percentage point. 

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