Mortgage rates have slightly increased to 6.67% for the week ending March 20, up from 6.65%, following the Federal Reserve's decision to maintain its benchmark interest rate. This stabilization is beneficial, as the 30-year fixed-rate mortgage has remained under 7% for nine weeks. Despite the uptick, experts suggest that conditions such as growing inventory and declining prices may drive more home purchase activity in the spring season, although many prospective buyers have been waiting for rates to decrease significantly.
Many prospective homebuyers have been biding their time, saving up money as rents have declined for 19 consecutive months, waiting for rates to fall.
We still anticipate slight easing by the central bank later this year, which may help mortgage rates to come down.
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