US home prices are falling and mortgage rates are starting to come down too — bad for sellers, but a refinance opening for people stuck with high-rate loans.

• Home prices have dropped about 10% nationwide since the 2022 peak and are still falling.
• Mortgage rates are easing off their late-2023 high near 8%, often a sign nervous investors are piling into bonds ahead of a downturn.
• This mirrors 2006-2007, when falling rates and falling home prices together came right before the last housing crash.
• The window to refinance a high-rate mortgage is small, since falling home values can push your loan out of line with what banks will approve.

Outlook: Expect home prices and mortgage rates to keep drifting down together, pointing toward a weaker housing market ahead.