Part 3/7:
The 2023 homebuyers faced mortgage interest rates that averaged a steep 7.02%, peaking at 7.79%. Although these may seem overwhelmingly high, it's important to contextualize these figures historically. The decade leading up to 2022 saw abnormally low rates, primarily due to the Federal Reserve's monetary policies. As a result, low financing options had previously fed a surge in home prices, creating a market that many first-time buyers now find unattainable.