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.

MarketWatch spoke to several economists about their 2025 forecasts. The consensus was that they expect the rate on the 30-year fixed mortgage to drop to a 6.2% level by the end of 2025, but to not go below that.

"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.

Rates for 30-year new purchase mortgages fell again, lowering the average to its cheapest level in six weeks. Rates moved lower for almost every other loan type as well.

These are today's mortgage and refinance rates. Mortgage rates are down slightly today, but where they go next depends on incoming economic data.

When it comes to mortgage rates, the labor market may have the biggest influence. Here’s why. Want more housing market stories from Lance Lambert’s ResiClub in your inbox? Subscribe to the ResiClub newsletter.

Rates for 30-year new purchase mortgages fell Friday, lowering the flagship average to it cheapest level since mid-October. Rates on other loan types showed mixed movement.