Mortgage rates are holding steady as of this week, with the 30-year fixed rate averaging around 6.72%, according to Bankrate, and Freddie Mac reporting 6.67%. After dipping earlier in March, rates edged up slightly due to bond market shifts tied to stock market gains and tariff news, but they’ve stayed below 7% for nine weeks straight. Purchase demand saw a mid-March boost but remains 40% below pre-pandemic levels, signaling a quiet spring season. Refinancing activity, while up significantly from last week, cooled as rates ticked higher. The Federal Reserve’s decision to keep rates at 4.25%–4.5% and ongoing economic uncertainty—think inflation at 2.8% and potential tariffs—keeps the market in a wait-and-see mode.Looking ahead, rates may hover between 6.5% and 6.75% short-term, with forecasts suggesting a gradual drop to 6.5% by year-end (MBA). For now, borrowers should focus on their financial readiness rather than chasing rate dips in this stable but unpredictable market.
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