Housing market in a ‘holding pattern’ as rates hit 7-month high
The US housing market has stalled as mortgage rates hit a 7-month high, with buyers and sellers waiting for positive signals. The 30-year fixed-rate mortgage averaged 6.46% this week, leading to a decline in financing applications and a slowdown in pending sales.
The US housing market is in a 'holding pattern' due to rising mortgage rates. The 30-year fixed-rate mortgage averaged 6.46% this week, up from 6% four weeks ago. This increase has led to a $115 higher monthly payment. Mortgage application activity has dropped 10.4% week-over-week. New listings have also decreased, indicating sellers are waiting for better conditions. Economists believe a spring housing market recovery is still possible if rates start dropping.
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