Mortgage Rates Remain Elevated, Stalling Homebuyer Activity

Experts predict rates will stay high through summer, impacting both buyers and sellers.

Current 30-year fixed mortgage rates hover around 7%, with little change expected soon.
High rates have reduced home sales to levels not seen since the Great Financial Crisis.
First-time buyers are especially hesitant, with many waiting for rates to drop below 5%.
Experts do not anticipate a return to historically low rates in the near future.
Potential buyers are advised to consider options like renting or new homes with builder incentives.