Salt Lake City
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Lower mortgage rates could push up home prices in Salt Lake and nationwide if demand surges and inventory remains tight.
Why it matters: Steep borrowing costs are just one piece of the housing affordability crisis.
State of play: U.S. rates for 30-year mortgages are down from 20-year highs, but have crossed 7% again.
By the numbers: In Salt Lake, prices remained elevated — but generally stopped rising — as rate hikes locked current homeowners in place.
The fine print: Despite stabilizing, median home prices are still higher than they were pre-pandemic.
Flashback: In 2021, when rates hovered below 3.5%, bidding wars were rampant, and home prices surged by double-digit percentages.