Nearing Seven Percent, Mortgage Rates Continue to Decrease

December 7, 2023

The 30-year fixed-rate mortgage averaged near 7% this week, down from nearly 7.80% just six weeks ago. When rates began to rapidly drop, purchase applications rebounded initially, but this improvement in demand diminished in the last week.

Although these lower rates remain a welcome relief, it is clear they will have to further drop to more consistently reinvigorate demand.