Mortgage rates fell slightly in the week ending Nov. 14, marking the first time weekly rates have gone down since September. The average rate on a 30-year fixed-rate mortgage dropped seven basis points to 6.79%, according to rates provided to NerdWallet by Zillow. A basis point is one-one hundredth of a percentage point.

Real Estate News Average rate on a 30-year mortgage slips for first time in weeks Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance the

Though the Federal Reserve has been cutting interest rates, mortgage rates have been increasing or holding steady. When will potential homeowners see mortgage relief.

The numbers: Applications for mortgages inched up over the past week, despite the 30-year creeping closer to 7%. The 30-year rate rose for the seventh week in a row, after Donald Trump won the presidential election and the Federal Reserve cut its interest rate by 25 basis points.

The Federal Reserve delivered a 0.25% interest rate cut last week. But prospective homebuyers wishing for lower mortgage rates are likely to be disappointed. While the central bank influences home loan rates,