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What mortgage rates would make more buyers enter the housing market?


What would it take for you to bite the bullet and finally buy a home, or sell your current home for something that better suits your needs?

For most people, it wouldn’t be a sudden uptick in housing inventory or a drastic decrease in home prices — though, that would probably help. Instead, according to a new survey from Bankrate, many buyers say they’re waiting for mortgage rates to decrease.

With mortgage rates being more than double what they were in 2022, and worlds away from the record low rates we saw in 2020 and 2021, this has caused what is known as the “mortgage lock-in effect.” Homeowners who purchased or refinanced a home, for those low rates are sticking with them. And first-time buyers are choosing to sit on the sidelines, hoping they’ll see rates drop back down.



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