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Average 30-year mortgage rates have ticked up over the last couple of weeks. Rates have fluctuated so far in 2023, but they're far from the highs we saw in November, when rates were over 7%. Overall, mortgage rates are expected to go down throughout the year.
As rates decrease, borrowers should have an easier time finding affordability during the spring and summer homebuying season. A borrower locking in a rate today would have a smaller monthly payment than someone who bought back in November, or even as recently as early March.