Mortgage Rates Climb as Home Listings Surge, Challenging Buyers

Interest rates for 30-year mortgages have risen to 6.77%, with a notable increase in home listings signaling a potentially slow spring buying season.

Mortgage interest rates for 30-year fixed-rate mortgages have risen to 6.77% this week, up from last week's 6.64% and last year's 6.32%.
The average interest rate for 15-year mortgages also increased to 6.12%, marking a rise from both last week and the previous year.
Despite predictions of rates dropping below 6% this year, the strong economy suggests that high rates may persist, potentially affecting the spring homebuying season.
Home listings have increased by 12.8% in the first week of February, the largest jump in nearly three years, indicating more homes are hitting the market.
Home prices are expected to rise by 3.2% this year, with some experts predicting even higher increases, making affordability a continued challenge for buyers.