CNN —
It’s been another rollercoaster of a year so far for the US housing market.
Elevated mortgage rates and home prices have pushed prospective homebuyers to the sidelines. In addition, homeowners have been reluctant to put their properties on the market and risk potentially forfeiting the ultra-low mortgage rates they locked in during the pandemic.
That’s created the perfect storm for a housing market that’s been more or less frozen. But anticipation that the Federal Reserve will start cutting interest rates soon is breathing new life into it.
The standard 30-year fixed-rate
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