Mortgage rates fall for third-straight week

Mortgage rates decreased for the third-straight week, hitting 6.13%, as the housing market continues to slightly cool down.

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- Let's get you up to speed on housing now. Mortgage rates falling for a third straight week. Rates down slightly to 6.13% on the 30-year fixed. And new data reveals home buyer affordability is improving. Mortgage application payments falling 3% in December, according to the Mortgage Bankers Association. So good news, yes. Mortgage rates continue to fall. Some predict that the worst is behind us in terms of the housing market. I think that is fantastic.

I do think mortgage rates, Seana, are beginning to flatten out, though, because the reductions are shrinking. I thought we might land in the mid fives. I don't think so anymore. I think we're still going to be north of six. And what do you think? Is that enough to thaw out this market?

- You're starting to see some of that activity come back. But like you're saying, it's still above 6%. I don't know if that's going to be enough to get the majority of the buyers that have been on the sidelines the last couple of months, to get them off the sidelines. And remember, the Fed is still raising rates. We've got another Fed meeting next week. Investors are expecting another 25 basis point hike. So as long as that continues or they keep rates at those elevated levels, you've got to question whether or not we really will see significant improvement in housing.

- And we should remind you, rates don't necessarily rise and fall with Fed moves. But they do tend to similarly shadow that later on. And the bottom line is here most people are locked into a mortgage somewhere between 2 and 1/2, maybe low 3. So you're still looking at twice your mortgage rate to get you off of the sideline. Probably not enough.