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After spiking close to 8% last month, 30-year mortgage rates have finally trended down a bit.
But rates are still up by more than a whopping five percentage points compared to the lows we've seen in recent years, so even significant rate drops don't mean much to homebuyers who are used to significantly cheaper mortgages. At what point will that change?
Borrowers shouldn't expect rates to drop back down to the all-time lows we saw in 2020 and 2021. However, that doesn't mean we won't see affordability improve in the coming years.