Homebuyers may be hoping for rates to drop below 6%, but waiting may not make much sense now. Getty Images

While borrowing costs remain elevated overall, mortgage rates are falling. While 30-year fixed mortgage rates started the year at just over 7%, they have dropped slightly over the last several months and are now sitting at about 6.75% on average. The downward trend is a welcome one for borrowers who have been hoping for more affordable loan costs , like those seen at the height of the pandemic. Average rates dropped to under 3% in 2021, the lowest recorded rate to date.

Mortgage experts say it could be a long time before we see rates fall that low again, but recent rates are still lower than they were in recent decades. Still, many homebuyers and refinancers would be

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