Mortgage rates drop to 7.18 percent after three weekly declines

Mortgage rates in the United States have fallen for a third consecutive week, with the 30-year fixed-rate mortgage declining to 7.18 percent, RISMedia reported. The 15-year fixed-rate mortgage dropped to 6.57 percent during the same period. This decline brings borrowing costs down from recent peaks near the high end of the 7 percent range. [1]

The latest figures represent the lowest rate level seen in over a month, according to RISMedia. The drop in rates comes as home buyers turn to adjustable-rate mortgages to manage elevated borrowing costs, while brokerage firm Compass continues to expand its mortgage business operations. [1]

In international markets, fixed-rate mortgage rates in South Korea dropped to the mid-6 percent range, BigGo Finance reported. The change marks a two-month low for South Korean rates, driven by a sharp drop in domestic bond yields. [3]

Elevated mortgage rates are also affecting local markets in the United States. According to the Franklin Observer, mortgage rate levels are expected to impact home sales across Norfolk County. [2]

Compass, Inc. operates a residential real estate brokerage platform in the United States. Its network includes approximately 340,000 independent contractor agents and associates across multiple brands, including Compass, Coldwell Banker, Sotheby's International Realty, and Century 21 Real Estate. [4]