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.

Consumers have been eagerly awaiting interest rate cuts for several years, hoping the cuts would translate to a reduction in mortgage rates. When the Fed finally slashed interest rates by 0.5% in September,

Despite its recent upward move, the average rate on a 30-year mortgage is still down from 7.22 percent in May, its peak so far this year. In late September, the average rate got as low as 6.08 percent — its lowest level in two years.

Borrowing costs on 15-year fixed-rate mortgages also slipped by .01 percent this week to 5.99 percent from 6 percent last week. Meanwhile, borrowing costs on 30-year and 15-year h