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Housing Trends

Mortgage rates are falling but that might not make homes more affordable in 2023

​Both prices and rates would have to decline sharply to revive the housing market

Home mortgage rates, whose meteoric rise earlier this year brought the housing market to a standstill, have begun to fall.

In its weekly update the Mortgage Bankers Association (MBA) reports the average 30-year, fixed-rate mortgage fell to 6.49% this week, down from 6.67% the previous week. The rate is below 6.5% for the first time in months.

But is it enough to revive home sales? Probably not yet, though mortgage applications for a home purchase rose 4% from the previous...

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