U.S. mortgage rates fall for a fourth consecutive week, boosting homebuying demand.

Zhitong Finance APP has learned that U.S. mortgage rates fell for a fourth consecutive week, driving home purchase applications to their largest increase since mid-April, bringing a glimmer of vitality to the sluggish housing market. Data released by the Mortgage Bankers Association (MBA) on Wednesday showed that for the week ending Nov. 6, the contract rate on a 30-year fixed mortgage fell 9 basis points to 7.21%. Borrowing costs have dropped nearly 30 basis points from the near two-year high of 7.5% in early last month, but remain unaffordably high for many Americans.