Although experts optimistically predicted rates would fall close to 6% by the end of 2024, projections have changed significantly. Fannie Mae now expects average 30-year fixed mortgage rates to hold above 6.5% until early 2025.

After surging to a five-month high before the holiday, 30-year mortgages held steady Thursday. Rate movement was mixed across other loan types.

The average rate on a 30-year mortgage in the U.S. rose for the second straight week to its highest level since mid-July, reflecting a recent jump in the bond yields that lenders use as a guide to price home loans.

This week's increase marked the highest level on the 30-year loan since mid-July, when the rate was 6.89%, according to mortgage buyer Freddie Mac data.

The housing market will end the year with its highest 30-year mortgage rate since July at 6.85%, according to data from Freddie Mac.

Interest rates for 30-year mortgages reached a five-month high. The asking price — $200 million for the land alone — is more than what Bezos paid for any of his three properties on the island.

Mortgage rates rose again this week to end the year slightly higher than where they began. The average 30-year fixed-rate mortgage rate was 6.85% for the week through Wednesday, according to Freddie Mac data.