Are mortgage rates holding back the market?

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I get asked this question regularly. The chart below covers the last 3 years, and shows that since September 2022 the 30-year FRM has been mostly between 6% and 7% with 3 spikes over 7%, and one drop to 6% in the fall of 2024.The current rate of 6.5% is in the middle of the range for most of the last 3 years.