After briefly crossing the 7% threshold, mortgage rates have moved lower in the past two weeks. And they have the potential to continue dropping by the end of the year, depending on how markets react after next week’s Federal Reserve meeting.

At HousingWire’s Mortgage Rates Center on Tuesday, the 30-year conforming rate averaged 6.87%. That was down 11 basis points (bps) from a week ago and represented a second straight week of declines. Rates had been on the upswing since early October. The 15-year conforming rate stood at 7.01%, also down 11 bps in the past week.

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