Mortgage Rates Increase as Federal Reserve Maintains High Interest Rates

Homebuyers face higher borrowing costs with 30-year fixed mortgage rates surpassing 7%, impacting housing market dynamics.

Freddie Mac reports the average 30-year fixed mortgage rate at 7.03%, up from 6.94% last week.
The Federal Reserve's commitment to a 2% inflation target delays expected interest rate cuts.
High mortgage rates contribute to a decline in home sales and buyer affordability challenges.
Housing inventory has improved but remains significantly lower than pre-pandemic levels.
Home prices continue to rise, with March seeing a 6.5% year-over-year increase.