Demand for mortgages in the final week of 2024 fell sharply, a combination of holiday market slowness and rates near 7%, according to the Mortgage Bankers Association.

Inching up to just shy of seven percent, mortgage rates reached their highest point in nearly six months,” said Sam Khater, Freddie Mac’s Chief Economist. “Compared to this time last year, rates are elevated and the market’s affordability headwinds persist.