Current mortgage rates hover around 6.7%, influenced by the Federal Reserve's acknowledgment of economic uncertainty. The 30-year rate stands at 6.67%, while the 15-year option is slightly lower at 5.83%.
Despite a modest increase in home sales of 4.2% and a 5.1% rise in inventory, refinance activity has dropped by 13% compared to last year. Buyers are facing a challenging market, grappling with high home prices and inflation-driven costs.
Recent trends show that while mortgage rates have begun to decline, skepticism persists, as many find the housing market unaffordable. The Fed has hinted at possible interest rate cuts, yet the outlook remains cautious, with projections for GDP growth lowered and inflation expectations adjusted upward.
As the spring home-buying season approaches, market participants are watching closely for changes that could impact affordability and buyer sentiment.
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