Mortgage rates dropped again this week, after plunging nearly half a percentage point last week.

The 30-year fixed-rate mortgage averaged 6.58 percent in the week ending November 23, down from 6.61 percent the week before.

A year ago, the 30-year fixed rate was 3.10 percent.

Mortgage rates rose throughout most of 2022, spurred by the Federal Reserve's unprecedented campaign of hiking interest rates in order to tame soaring inflation.

But last week, rates tumbled aimed reports that indicated inflation may have finally reached its peak.

This volatility is making it difficult for potential home buyers to know, when to get into the market, and that is reflected in the latest data which shows existing home sales slowing across all price points.

Mortgage rates tend to track the yield on 10-year US Treasury bonds.

As investors see or anticipate rate hikes, they make moves which send yields higher and mortgage rates rise.

The 10-year Treasury has been hovering in a lower range of 3.7 percent to 3.85 percent. That has led to a big reset in investor's expectations about future interest rate hikes.

Prior to that, the 10-year Treasury had risen above 4.2 percent.