Mortgage Rates Tick Down but Remain High as Homebuyers Show Interest Ahead of Spring

• Mortgage rates eased slightly this week but remain high, averaging 6.88% for a 30-year fixed and 6.22% for a 15-year fixed • The dip led to a jump in mortgage applications, signalling buyers are still interested as spring homebuying season approaches
• Buyers should continue shopping around between lenders to find the best rates, as rate variability has increased • While rates are still relatively high, housing supply is improving with more listings and slowing price gains • The Fed has not indicated when it may start cutting rates, so buyers hoping for lower rates anytime soon will likely be disappointed