Mortgage Rates Continue Climbing, Dampening Spring Homebuying Season

Mortgage rates climbed for the 4th week in a row, getting closer to 7% as peak homebuying season begins
Rise in rates during February has dampened already tentative homebuyer momentum going into spring
Applications to purchase homes down 12% from last year as higher rates stall activity
Pending home sales dropped 4.9% in January and 8.8% from a year ago as buyers are sensitive to rate changes
Slower pending sales suggest closed sales may not improve in February and beyond with rates climbing