According to the data released this week by Freddie Mac, the 30-year fixed mortgage rate decreased to 6.27% from 7.08% six weeks ago.
Mortgage rates have been trending downward for the last six straight weeks. According to the NAR, this decreased monthly mortgage payments by $200.
Today's PCE inflation report shows consumer prices slowed to 0.1% increase from October to November, after rising 0.4% the previous month.
This is a good sign that mortgage rates will drop closer to 6% at the beginning of the new year, bringing more buyers back to the market.