The U.S. Federal Reserve's steady interest rates could boost housing affordability nationwide. Mortgage rates dropped to 6.87% after hitting 7.22% in May 2024. Experts predict housing prices may rise faster if rates decline further. Cities like Oxford, MS, and Dodge City, KS, are experiencing rapid home appreciation. Statesboro, GA, and Hartford, CT, also show significant growth. Smaller cities are outpacing major metro areas in home appreciation rates, with the South and Midwest leading the trend. The West Coast lags behind due to high housing costs.
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