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Mortgage affordability is at its lowest level in over two decades. Rates just keep climbing, with 30-year mortgage rates hovering near 8%.
Rates will come down eventually. But for those who are hoping to buy a home, the wait for lower rates has already been excruciatingly long.
The National Association of Realtors reported last week that existing-home sales fell 15.4% year over year in September as more buyers dropped out of the market due to sky high rates.