Interest rates dropped at the end of November after creeping up over the summer. As of the beginning of December, 30-year fixed-rate mortgages with interest rates below 5 percent were readily available.
Mortgage interest rates change as often as two to three times in one day. Securing the lowest rate possible is every borrower's goal. However, it's impossible to time the finance market, just as it's impossible to predict exactly when the housing market will peak or slide.