💨 Abstract

The average U.S. 30-year mortgage rate increased to 6.86%, up from 6.81% last week, marking the highest level since mid-February. This rise, along with increased borrowing costs on 15-year fixed-rate mortgages, may slow down the spring homebuying season. Elevated rates have discouraged buyers, leading to a slow start despite a higher inventory of homes.

Courtesy: WTOP Staff