Overview

• The average long-term U.S. mortgage rate has climbed to its highest level since late November.
• Interest rates on 15-year and 30-year fixed-rate mortgages remain steady, though elevated compared to previous years.
• Rising mortgage rates are attributed to persistent inflation and economic uncertainty, influencing the Federal Reserve's policies.
• The increase in rates is affecting homebuyers, especially during the spring homebuying season, by limiting affordability.
• Homebuilders are offering incentives to mitigate the impact of higher mortgage rates, helping to boost sales of newly built homes.