Housing Market Rejuvenated as Mortgage Rates Plummet

National mortgage rates have dropped across the board compared to a week ago, with rates for 30-year fixed, 15-year fixed, 5/1 ARMs, and jumbo loans all decreasing. This decline is attributed to cooling inflation, which suggests that the Federal Reserve may conclude its hiking cycle. The central bank's decision to hold firm at its December meeting and indicate potential rate cuts in 2024 is expected to support further declines in mortgage rates, benefiting the housing and mortgage markets.