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.

All information provided here is accurate as of December 2, 2024. Home equity loans and lines of credit are viable options for property owners who need cash to consolidate higher-interest debt, make home improvements or weather a financial setback.

The Federal Reserve is scheduled to meet December 17 and 18 and, if they change the benchmark rate, this will affect the costs at which banks access credit. This change can indirectly impact consumer loan costs. Fed rate cuts also drive changes in financial indexes used to set variable HELOC rates.

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.