Mortgage rates are forecast to remain elevated, generally between 6.6% and 7.5% through 2028, with only gradual declines expected. Waiting for lower rates may mean facing higher home prices, while buyers may find less competition and builder incentives. Sellers must weigh giving up low-rate mortgages against tapping accumulated home equity. Refinancing is unlikely to lower most borrowers’ rates, though it may help those seeking a shorter term, fixed-rate stability, or access to equity.
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