While mortgage rates plunged in September to a two-year low, they roared back in October and ultimately climbed to a four-month high of 6.93% in November. Though today's average is lower, it's still more than 70 basis points above the Sept. 17 low point of 5.89%.

"I expect mortgage rates to stay around 6.875% to 7.125% in December," says Aaron Gordon, a branch manager and senior mortgage loan officer at Guild Mortgage. "We won't likely see big moves downward until we see unemployment go up, less government spending or the Fed jump back into the mortgage market."

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 again, lowering the average to its cheapest level in six weeks. Rates moved lower for almost every other loan type as well.

"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.

Today, the mortgage interest rate on a 30-year fixed mortgage is 7.16%, according to Curinos. On a 15-year fixed mortgage, the average rate is 6.30%, and the average rate on a 30-year jumbo mortgage is 7.