Posted 12/7/2023, 5:00:00 PM
Mortgage Rates Decline for 6th Week, But Housing Market Challenges Remain
- Mortgage rates continued to fall this week, averaging just over 7% - the 6th straight week of declines after 7 weeks of increases
- The average 30-year fixed rate is now 7.03%, down from 7.22% last week and 6.33% a year ago
- Mortgage applications increased for the 5th week in a row, indicating rising borrower demand from the rate drops
- Only 14% of consumers think it's a good time to buy a home, a record low, due to high prices and rates
- Rates may fall to 6.5% by end of 2024 if inflation improves, but the cooling housing market trend likely persists