Mortgage Rates Rise for Third Day as Housing Market Struggles Continue

Despite recent rate drops, mortgage demand fell by 9.4% in the final week of 2023, with the Federal Reserve considering rate cuts by end of 2024.

Mortgage rates have increased for a third consecutive day, with the average rate for a 30-year new purchase mortgage reaching 7.16%, the highest level in almost three weeks.
Despite the recent drop in interest rates, mortgage demand fell by 9.4% in the final week of 2023.
The Federal Reserve has held rates steady at its last three meetings, with the possibility of rate cuts by the end of 2024.
The housing market continues to struggle with high prices and low supply, despite recent optimism due to falling rates.
Private residential construction increased to nearly $900 billion in November, a rise of more than a percent from the previous month.