Mortgage rates have been drifting higher for most of the year due to sustained inflation and the reevaluation of the Federal Reserve's monetary policy path.
This spring, many sellers are actively listing their homes, with the number of newly listed homes up by 30.1% from a year ago.
Sticky inflation and robust labor markets suggest that a Federal Reserve rate cut is unlikely to occur soon.
Eager buyers and sellers are hoping to see more favorable housing conditions as the spring selling season kicks off, however, mortgage rates have offered little relief.
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