Mortgage Mix: Rates Fall, but Not Below 7%

Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday. 

  • As Freddie Mac notes, mortgage rates have continued to decline for five consecutive weeks. While the 30-year fixed-rate mortgage rates sit at 7.22% as of Nov. 30, 2023 (down from 7.29% the previous week), the 15-year fixed-rate mortgage is currently 6.56%, down from 6.67% the previous week.
  • According to the Mortgage Bankers Association’s (MBA) Weekly Application Survey, mortgage applications have increased by 0.3% as of Nov. 24, 2023 (with an adjustment for Thanksgiving weekend).
  • The MBA also reports that mortgage application payments increased by $2,199 during the month of October. 
  • The current trajectory suggests a fall below 6% for mortgage rates, for the first time since August 2023, will likely happen in the near future, but perhaps not before the end of the year.
  •® Chief Economist Danielle Hale told the following in regard to the company’s 2024 housing forecast: “We’re gonna start to see some relief for buyers who have been priced out. It’s still expensive to buy a house, but instead of getting more expensive, we’ve turned the corner. We’re starting to see housing get less expensive.”

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