Weekly Mortgage Rates Drop to 6.99%, but Don’t Exhale Just Yet

For the first time since the Federal Reserve raised its benchmark rate in September, weekly mortgage rates averaged below 7%. The average rate on a 30-year fixed-rate mortgage fell two basis points to 6.99% APR in the week ending Nov. 12, according to rates provided to NerdWallet by Zillow. (A basis point is one one-hundredth of a percentage point.) We calculate our weekly average using daily APRs recorded over the past five business days. kAm|@CE8286 C2E6D 92G6 366? 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