Overview

• 30-year new purchase mortgage rates climbed 5 basis points to 7.20%, while some refinancing rates also moved higher.
• Freddie Mac reports a slight increase in the average 30-year fixed-rate mortgage to 6.64%, indicating stability in the mid-six range.
• Despite the Federal Reserve holding interest rates steady, mortgage rates' future movements remain uncertain, with potential cuts anticipated later in the year.
• Homebuyers are slowly returning to the market, encouraged by a more than a percentage-point drop in mortgage rates since late October.
• Economic indicators such as strong employment reports and GDP growth suggest rates may remain stable through the spring, with cuts not expected until summer.