Mortgage rates are low -- but so is inventory.
Mortgage rates dropped in the past week after rising in six of the last nine weeks, including most of the month of October.
The rate on the 30-year mortgage is over a full percentage point lower than it was at this same time a year ago, when rates averaged 4.94%. The 15-year fixed-rate mortgage dropped six basis points to an average of 3.13%, according to Freddie Mac. The 5/1 adjustable-rate mortgage averaged 3.39%, falling four basis points from a week ago.
Mortgage rates generally track the direction of the 10-year Treasury note TMUBMUSD10Y, +0.00% . The 10-year Treasury yield rebounded Thursday morning amid hopes that the U.S. and China had reached an agreement to end their trade dispute.
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