Facts: The average 30-year fixed mortgage rate from Freddie Mac fell to 6.69% from 6.81% last week. At 6.69%, with 20% down, a monthly mortgage payment is $2,063 on a home with a price of $400,000. With 10% down, the typical payment would be $2,321.

Positive: Mortgage applications increased this week with lower mortgage rates. Home buyers are also seeing more housing inventory in some markets which has provided the chance in late Fall to finally move off the sidelines. Rates in the mid-6s are more palatable than the near 7 percent of November.

Negative: There is a long way to go before there is enough housing inventory for the pent-up demand in the housing market. While there is a growth of existing homes, the inventory is still below February of 2020

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