The average 30-year fixed mortgage rate is around 6.5% at press time, and June existing home sales fell to a nine-month low. In fact, one in seven potential deals fell through that month, according to data from the National Association of Realtors (NAR). Home prices, meanwhile, are still rising, up 2% from a year ago.
Basically, the real estate market is a mess right now. And house hunters are wondering if they will ever see relief, at least in the form of lower interest rates.
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Experts say it will happen, but now is