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Average 30-year mortgage rates are down a bit compared to where they've been in recent weeks. But they'll likely need to drop a lot more to bring homebuyer demand back to life.
So, when might that happen? We could start to see rates trend down in the next few months as 2023 wraps up, but we likely won't see more substantial drops until next year. And even then, it may take a while before they fall enough for borrowers to see a tangible increase in affordability.