Will a drop in mortgage rates make any difference in San Diego’s housing market?

San Diego County’s home market remains sluggish despite a slight decrease in mortgage rates.

Following a recent home price report , several experts pointed to affordability challenges, instead of the usual suspect of interest rates, as a bigger factor. Namely, that home prices have gone up so much since the pandemic, without corresponding wage increases, that mortgage rates aren’t a gigantic factor.

Lisa Sturtevant, chief economist at Bright MLS, said a change in mortgage rates is likely not enough to jump-start sales activity, which is at record lows . She said an increase in sales would likely come after home inventory greatly increases and sellers adjust price expectations.

On Thursday, the average for a 30-year, fixed-rate mortgage was 6.3%, according to Freddie Mac . That was