Mortgage rates have lowered for the fifth consecutive week, now averaging 6.85% for 30-year fixed loans. This has fostered optimism among homebuyers as the spring selling season begins. Freddie Mac's Sam Khater highlighted the stability of rates despite ongoing affordability challenges. As the housing market activity rises around March, buyers and sellers prepare for transactions before the school year's end. While mortgage rates might not shift drastically, inflation challenges persist, leading potential homeowners to weigh their options between renting and buying.
Mortgage rates have dipped slightly again for the fifth straight week, offering prospective homebuyers some relief as spring approaches.
The 30-year fixed-rate mortgage has stayed just under 7% for five consecutive weeks, fluctuating less than 20 basis points, which bodes well for buyers.
Stubborn inflation will likely continue to hinder mortgage rate progress, putting hopeful homeowners at a crossroads between renting or buying.
As the spring homebuying season approaches, many buyers and sellers aim for a closing date around the end of the school year.
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