Mortgage Rates Hit 6.82% But Housing Market Keeps Up Beat on Demand and Rate Cut Hopes

Mortgage rates continued climbing, hitting 6.82% for 30-year fixed-rate mortgages according to Freddie Mac
Despite higher rates, housing market optimism persists due to pent-up demand and expectations rates will fall later this year
New home construction and existing home inventory have picked up ahead of spring homebuying season
President Biden proposed new affordable housing initiatives, including a $10,000 tax credit for first-time homebuyers
Experts say meaningful mortgage rate drops likely won't come until the Fed cuts interest rates, possibly starting this summer