The housing affordability crisis has deterred many potential homebuyers from entering the housing market.

Sticky mortgage rates, rising home prices and down payment expectations have made purchasing a home challenging for first-time buyers without housing equity to tap into.

While the housing market hasn't returned pre-Covid activity levels, conditions are beginning to improve. Housing inventory is rising and more sellers are offering price reductions to entice hesitant buyers.

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Redfin recently reported that daily average mortgage rates have dropped to their lowest point in the past 10 months, allowing homebuyers to potentially snag competitive deals with the same budget.

However, mortgage rates are tied to economic ind

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