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...
