R
ates have risen for five consecutive weeks, but the latest inflation data suggests relief may be on the horizon. Key points include:

    The 30-year fixed-rate mortgage averaged 7.04%, according to Freddie Mac's survey, marking the first time rates have surpassed 7% since May.

    However, daily rates appear to be stabilizing following better-than-expected inflation numbers and could drop into the mid-6% range by spring.

    New listings slowed last week due to external factors like wildfires in Southern California and cold weather across the country.

    Mortgage rates continue to climb on strong economic data, but there are signs that rates may dip slightly in the coming weeks.

    Freddie Mac's survey shows the 30-year fixed-rate mortgage averaged 7.04%, a significant increase from last year's average of 6.6%.

    Lower rates could be on the horizon for spring, according to Danielle Hale, chief economist at Realtor.com, who expects rates to stop climbing in January.

    Lawrence Yun, chief economist at the National Association of Realtors, notes that calming inflation could push mortgage rates down, potentially to 6.5% by spring.

    Buyer activity has slowed nationally, but this may be due to factors like cold weather and wildfires rather than a decline in demand.

    Redfin's Homebuyer Demand Index is down 11% compared to last month, and new listings have slowed significantly, falling 3.6% year-over-year.

    Total mortgage applications rose 33% following the holiday week, but purchase volume remains low, with refinance applications up 22%.