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Mortgage rates have seen a rapid rise since the start of 2021, due to increased optimism about the economic recovery from the pandemic. However, in recent weeks, mortgage rates have begun to slip. The average 30-year fixed rate mortgage is now at 2.89%, down from a high of 3.03% in early April. The drop in mortgage rates may be due to concerns over the pace of economic recovery, as well as a dip in inflation expectations. The dip in mortgage rates could signal a potential refinance opportunity for homeowners looking to lower their monthly payments.