What’s happening with the housing market? Mortgage rates, home prices and affordability

Potential buyers remained reluctant to take the plunge on financing a home purchase even as mortgage rates fell for the fourth straight week.

Mortgage applications decreased 2% the week ending Dec. 2 compared to the previous week. And the average loan size for a purchase application was at its lowest level since January 2021.

Meanwhile, the average rate for a 30-year fixed mortgage trended down to 6.33% as of Dec. 8, according to the latest data from Freddie Mac. The fixed-rate mortgage has more than doubled from a year earlier when it averaged 3.1%.

Swapna Venugopal Ramaswamy | USA TODAY

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