The U.S. housing market received a glimmer of good news, as mortgage rates dipped to a multiweek low and home buyer activity jumped to a multimonth high, signaling some hope for the tight market, though activity remains far more muted than it was during the recent housing boom.

Falling mortgage rates are expected to kickstart home-buying demand. But buyers will still have to contend with home prices that soared to record highs this year. Here’s what ex

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.

"While we may see mortgage rates drop modestly in December, anyone expecting a significant change for the better may be disappointed," says Darren Tooley, senior loan officer at Cornerstone Financial Services. Change likely isn't on the horizon for a few reasons, according to Tooley.

Housing professionals wanting an early Christmas gift might receive it in the next two weeks if key economic data move in the right direction.

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.

These are today's mortgage and refinance rates. Mortgage rates are down slightly today, but where they go next depends on incoming economic data.