Mortgage rates are beginning to trend down after hitting a 20-year high and experts believe there could be a renewed interest for prospective home buyers to return to the market this spring.

Interest rates for 30-year fixed mortgages peaked in November at 7.08%. The last time rates reached more than 7% was in April of 2002, according to Freddie Mac, a private but government sponsored corporation that packages mortgages for investors to purchase. Meanwhile, home prices have slowed for the seventh straight month, a year-over-year increase of 7.7%, down from 9.2% in November, the slowest growth increase since September 2020, according to CoreLogic, which tracks housing and mortgage data.

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