Mortgage rates have dropped significantly to an average of 6.63%, a decrease attributed to economic uncertainty and falling oil prices. This marks seven consecutive weeks of decline, enticing potential buyers as the spring season begins. However, despite this short-term relief, experts anticipate rates may stay above 6% for the remainder of the year due to persistent inflation and tariffs imposed by the Trump administration. Recent fluctuations in investor behavior, driven by market uncertainties, have led to lower long-term borrowing costs, creating opportunities for homebuyers in the current market.
As the spring homebuying season gets underway, the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September, increasing prospective homebuyers' purchasing power.
Though we expected a bit of good news on rates this week, we do not anticipate significant relief from high mortgage rates in the near future because of inflation remaining stubbornly high.
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