While Singh noted that he doesn't expect rates to get back to where they were during the pandemic for at least a decade, there is some potential for a bit of relief in the coming year. "Housing affordability is the number one economic issue in this country," says Raunaq Singh, CEO and founder of assumable mortgage platform Roam. Combined with rising home prices, this creates an environment that is very difficult for potential homebuyers, as they have to pay significantly more than they would have just a few years ago, when rates were much lower. Make no mistake about it – mortgage rates right now are very high, with the national average for a 30-year fixed rate loan above 8% as of October 26. Though there won't be a huge drop, there could be some mortgage rate relief in 2024.
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