The ‘primary barrier’ to this spring’s homebuying season
The US housing market is facing challenges this spring due to rising mortgage rates and economic uncertainty. Despite low unemployment rates, the increase in mortgage rates is slowing down mortgage applications and new listings, making it a more limited and uncertain market environment.
Mortgage rates have hit a new high in 2026, with the 30-year fixed-rate mortgage averaging 6.38% as of March 26. This has led to a slowdown in mortgage applications, especially in the refinance sector. The US unemployment rate remains low, but economic uncertainty is affecting consumer confidence. The war in Iran is also having an impact on the housing market, with inflation fears driving up mortgage rates. As a result, the spring homebuying season is expected to be more limited and uncertain. New listings have slowed, and affordability is a concern, despite wage growth and flat home prices.
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