Mortgage rates plummet, providing relief for homebuyers

Mortgage rates have dropped after reaching a 23-year high in October, providing relief for homebuyers. Rates have fallen from above 8% to around 7.4%, resulting in potential savings of $167 per month on a $300,000 mortgage. While the average rate for a 30-year home loan has been decreasing and may continue to do so, consumers still face challenges due to high living costs and household debt. Pending home sales are down 8% compared to last year, and Seattle has experienced a 9.7% drop in new home listings. Experts advise shopping around and improving credit scores to secure the lowest possible mortgage rates, with predictions suggesting rates could drop to 7% in a few months and potentially reach 6% by spring.