Spring Real Estate Market Update: Mortgage Rates on the Rise



Stay informed on the latest trends in the spring real estate market, as mortgage rates see a slight increase. Learn how the Federal Reserve's recent decision could impact future rate cuts.

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The spring real estate market is in full swing, with inventory on the rise. However, homebuyers may need to adjust their expectations when it comes to interest rates. Last week saw a slight increase in mortgage rates, with the 30-year fixed-rate mortgage averaging 6.87% and the 15-year rate at 6.16%. While rates are expected to remain steady for now, the Federal Reserve's decision to hold interest rates steady at its March meeting could lead to potential rate cuts later in the year.


Spring Real Estate Market Update: Mortgage Rates on the Rise

Economists are predicting that interest rates will hover around 6.4% by the end of 2024, a slight increase from previous forecasts. Despite this, there are more options available for buyers, with a 5% increase in homes for sale and a rise in new listings and months of supply. However, mortgage applications saw a slight decrease this week, putting a pause on the recent upward trend.

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While interest rates may be on the rise, the increase in inventory and options for buyers is a positive sign for the spring real estate market. It will be important for homebuyers to stay informed and be prepared to act quickly in this competitive market.

Spring Real Estate Market Update: Mortgage Rates on the Rise

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