From Fortune:

Mortgage rates fall after reaching an all-time high in December; Las Vegas agent Shay Stein notes buyers are now elated to see rates at mid-6’s after spending years at 6% only two years ago.

Mortgage payments at their lowest level in nearly a year, at $2361; mortgage rates fell to 6.61% at the end of December, down from an all-time high of 7.79% in late October.

30-year fixed mortgage rates at 6.76%; mortgage rates still much higher than the 3% rates last seen in during the pandemic, though more affordable than 8% mortgage rates experienced in recent months.

Homebuyer demand index increases, new listings up nearly 10% on annual basis. Pending home sales down over 3% year-over-year, but the smallest decline in two years.

Median home sale price increases by 4.4%, reaching $363,371; median asking price also increases 4.3% year-over-year to $359,236.

Economist Daryl Fairweather predicts a 1% decline in home prices for the second and third quarters of the year; mortgage rates expected to fall to about 6.6% by end of the year.

Monthly mortgage payments have dropped to their lowest level in nearly a year, but are still up more than 5% from a year earlier.



Read more: There’s a flicker of life in the housing market as average mortgage payments plummet nearly $400 over 2 months and buyers start to stir again, Redfin says