Would-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 homeownership unaffordable for many.

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.

Mortgage rates could be in for a bumpy ride this month. It all depends on economic data and the next Fed meeting.

"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.

Housing professionals wanting an early Christmas gift might receive it in the next two weeks if key economic data move in the right direction.

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

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.

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.