Buyers have been facing the painful one-two punch of high mortgage rates and rising home prices all year. Mortgage rates hit a two-decades high at 8% in late October, and have dropped only slightly.
However, mortgage rates slipped to a two-month low last week to 7.29%, somewhat of a welcome sign for buyers and sellers waiting on the sidelines to break into the housing market. But housing affordability is still the worst it's been in decades thanks to home prices that just aren’t letting up.
