As reported by CNN, mortgage rates took a substantial dive during the second week of November, from 7.75% to 7.5%, after rising consistently for a period of weeks. This is the largest dip since a similar plunge during November 2022.
Sales, which had slowed during September, gained some traction thanks to the rate decrease. Despite this, the overall cost of homebuying remains high, and while rates are expected to decrease further during 2024, they are forecasted to remain above 6% for the near future.
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