Overview
- Freddie Mac reported the 30-year fixed at 6.19% for the week ended Dec. 4, down from 6.23% and marking a second straight weekly decline, with the 15-year at 5.44%.
- Mortgage Bankers Association data show purchase applications rising modestly around Thanksgiving while refinance activity has fallen for several consecutive weeks.
- Markets put the odds of a Federal Reserve rate cut next week at just under 90%, though home-loan costs tend to follow longer-term Treasury yields rather than policy moves directly.
- Rates have hovered in a narrow 6.2%–6.3% range since October, and economists expect levels to stay in the mid-to-low 6% neighborhood through 2026.
- Zillow forecasts that borrowing costs are unlikely to drop below 6% in 2026, suggesting only incremental improvements in affordability despite recent easing.