Mortgage rates have dropped to multiyear lows around 5.98-5.99%, benefiting first-time homebuyers and the spring housing market. Improved mortgage spreads have been key, preventing rates from staying above 7% despite low 10-year yields. The 10-year yield remains under 4%, supporting lower rates. Inventory is up, prices are stable, and mortgage spreads are near normal, creating favorable conditions for buying and selling homes.
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