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Mortgage rates remain elevated, with 30-year mortgage rates around a half a percentage point higher than they were at the start of the month.
Rates are expected to come down somewhat this year, but they probably won't drop enough to cause a significant rebound in the housing market. According to Fannie Mae's latest housing forecast, 30-year mortgage rates may fall to 6.7% by the end of 2023 and hit 6% in 2024.