Mortgage Rates Continue Sliding Downward, Sparking Hopes for Housing Market Rebound
• Mortgage rates fell for the 6th straight week to 7.03%, down from a recent peak of 7.79% in late October
• High rates have made homebuying unaffordable, so lower rates could spur more homebuying
• Forecasters expect mortgage rates to continue falling into 2023
• Lower rates have sparked some life into the mortgage refinancing market
• Rates may need to drop more to reinvigorate homebuyer demand, which has slumped due to high rates