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Fortune

Jason Ma

When it comes to mortgage rates, this may be as good as it gets for a while

US Federal Reserve MBA Jerome Powell Freddie Mac

people looking for houses on sale (Credit: Getty Images)

Mortgage rates may remain stuck in a narrow range around current levels and won't drop sharply anytime soon.

Ahead of the Federal Reserve's rate cut, mortgage rates had fallen tantalizingly close to what some considered the "magic number" of 6% that would revive a stagnant housing market marked by low inventory and the lock-in effect.

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