Mortgage interest rates were creeping eerily close to 5% this past month, causing concerns about home affordability. But since the Fed decided it would not start tapering its asset purchases, timid borrowers are getting a second chance at lower rates, CNNMoney reports.

But now that the Fed has said it will continue to purchase the bonds, rates will likely retrace some of those gains, said Keith Gumbinger of mortgage information provider HSH.com.

"Now, we do have some space for rates to fall," he said. "I don't expect a plummet, just a drop of 0.1 percentage points or so over the next week or two."

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