Homebuyers, rejoice! You can afford to bid on a more expensive home now that mortgage rates have fallen below 6%

• The US housing market is warming back up because of declining mortgage rates.
• The average for 30-year mortgage rates have just dipped below 6% for the first time in months.
• One economist says there are still headwinds that the market needs to navigate.

It's beginning to look like it's going to be a very busy spring season in the real estate world. 

Mortgage rates dipped below 6% on February 2, according to Mortgage Daily News, marking their lowest reading since September 2022. The declining mortgage rates have helped to bring buyers back to the market and bolster purchasing power.