Early-Spring mortgage rates climbed for 3 straight weeks, the steepest rise in >1.5 yr. By March 27, a 30-yr fixed contract rate reached mid-6%.
One outlet said rates were more likely to stay in the low-6% range near term, though a slight downward move remained possible.
Experts tied the path largely to oil. Near $70 a barrel could pull rates closer to ~6%; $100 could push them toward high-6% or near 7%.
Higher borrowing costs already deterred some buyers, while pricier household goods, food and gas added more pressure on budgets.
More homes were sitting on the market, giving buyers added leverage. Sellers also moderated expectations, with typical asking prices ↓~2% yearly.
Advice stayed consistent: expect continued rate volatility and avoid decisions based only on short-term moves; focus on income stability, long-term plans and monthly costs.
Even with current increases, mortgage rates remained notably lower than the same time yearly, offering broader context for spring buyers a
Spring Buyers Face Rising Rate Pressure
