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Experts are hoping that mortgage and refinance rates will fall in 2023 after ballooning last year, and mid-Q2, there are some signs this could happen: namely, a 5% year-over-year CPI increase. Despite some volatility — 30-year rates rose this week — mortgage rates had been slowly falling for about a month and a half.
There is still plenty of room to continue falling before rates even approach the 3% and lower homebuyers were offered during the pandemic.