Despite broader concerns about the economy, consumers are starting to see mortgage rates move lower, a trend experts expect to continue this year as the Federal Reserve begins to loosen monetary policy.

The housing market has been upended by the Fed driving interest rates up to their highest level since the dot-com bubble at the turn of the century. That has made the cost of taking out a mortgage and paying for a home much worse. The economic pain has been compounded by housing prices skyrocketing during the COVID-19 pandemic due to explosive demand, so any decline in mortgage rates is welcome news.