The interest rate on a 30-year fixed-rate mortgage in the United States fell 0.09 percentage points to 7.21 percent in the week ending October 6, industry data showed.
Rates have fallen nearly 0.30 percentage points from a peak of 7.50 percent in mid-October, the highest level in nearly two years.
However, interest rates remain unusually high, dampening activity in the housing market.
The industry figures come ahead of Thursday's monthly data on existing home sales in the United States for October. Analysts on average expect a continued decline, to the lowest level since 2010.
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