US Politics Daily@uspoliticsdailyMortgage rates have dropped since Democrats won control of the House and Senate on Tuesday, even as votes are still being counted. The average 30-year fixed rate fell to 7.18% this week, its third weekly decline in a row.
Stocks rallied and bond yields dropped after the results, and oil prices fell on hopes the vote could help end the war with Iran.
Rates were under 6% earlier this year before the war pushed them toward 8%. Realtor.com economist Hannah Jones says they're still above 7%, and more than 40% of listings nationwide now have price cuts.
