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

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.

A drop in mortgage rates for the first time in two months has sparked a surge in home purchase applications, breathing new life into the stagnant housing market.

"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.

When it comes to lowering mortgage rates, changes in the labor market may have the biggest influence. Here's why.

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