Mortgage Rates

Spring Starts with a Bump — Mortgage rates averaged 6.38% this week, moving back up after briefly dipping just below 6% earlier this year. While that’s still an improvement from this time last year (around 6.65% comparatively), recent volatility has made the market feel a bit unsettled heading into spring. These recent increases, driven in part by global uncertainty and rising oil prices, have slightly slowed both purchase and refinance activity.

Freddie Mac Primary Mortgage Market Survey®. Rates based on 30-year fixed-rate mortgage.

Homes Prices

Prices Continue to Slightly Ease — Home prices are showing signs of softening, with the median list price down 1.9% compared to a year ago. This marks the 22nd straight week of flat or declining year-over-year price growth, a noticeable shift from the rapid appreciation we’ve seen in recent years. Even with this slowdown, affordability remains a challenge for many as monthly payments remain elevated.

Housing Supply

More Homes, Slower Pace — Housing supply is continuing to improve, with new listings up 0.3% compared to a year ago. While that’s a modest increase, it means buyers are starting to see more options than they have in recent years. At the same time, homes are taking longer to sell as affordability challenges keep some buyers on the sidelines and sellers adjust expectations to match today’s market conditions.

Market Activity

A Slower Spring Start — Home buying activity has been relatively soft, with home sales down 3.1% compared to a year ago. Higher mortgage rates, elevated prices, and broader economic uncertainty have caused some buyers to pause. Even as we head into the busiest time of year for housing, many buyers are taking a more cautious approach, creating opportunities for those who are prepared and ready to move forward.