The U.S. housing market received a glimmer of good news, as mortgage rates dipped to a multiweek low and home buyer activity jumped to a multimonth high, signaling some hope for the tight market, though activity remains far more muted than it was during the recent housing boom.

"While we may see mortgage rates drop modestly in December, anyone expecting a significant change for the better may be disappointed," says Darren Tooley, senior loan officer at Cornerstone Financial Services. Change likely isn't on the horizon for a few reasons, according to Tooley.

Falling mortgage rates are expected to kickstart home-buying demand. But buyers will still have to contend with home prices that soared to record highs this year. Here’s what ex

W ould-be home buyers have faced unprecedented challenges in the housing market in the post-pandemic era as surging home prices combined with high mortgage rates made homeownershi

Today, the mortgage interest rate on a 30-year fixed mortgage is 7.16%, according to Curinos. On a 15-year fixed mortgage, the average rate is 6.30%, and the average rate on a 30-year jumbo mortgage is 7.