At the end of October, rates on a 30-year mortgage were around 8%. It was the highest that rates had been in more than 20 years, and nearly triple the all-time record low from 2021.

Home sales stalled as a result, and mortgage demand plunged to its lowest level this century as prospective homebuyers stayed on the sidelines. 

But since then, rates have been on a downward path, mortgage applications have started picking up and home sales are now on the rise.