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Buying a new home even when rates are high
For much of 2020 and 2021, the housing industry saw record low mortgage rates. Some buyers were locking in rates at under 3% for 30-year fixed mortgages! So, when rates jumped up to over 7% in 2022, many buyers pressed the brakes. But now that rates have remained between 6%-7% for an extended period, buyers are adapting to the new norm.