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After months of climbing, mortgage rates have spiked even more dramatically in October. Average 30-year mortgage rates neared 8% last week, and they could remain elevated for a while longer. But relief is likely to come next year.
In its latest forecast, the Mortgage Bankers Association predicted that mortgage rates will fall to 6.6% in the first half of 2024 and reach 6.1% by the end of next year.