U.S. Mortgage Rates Reach New Highs, Impacting Homebuyers

As mortgage rates continue to rise, the U.S. housing market faces challenges with affordability and inventory.

The average long-term U.S. mortgage rate has climbed to its highest level since late November.
Interest rates on 15-year and 30-year fixed-rate mortgages remain steady, though elevated compared to previous years.
Rising mortgage rates are attributed to persistent inflation and economic uncertainty, influencing the Federal Reserve's policies.
The increase in rates is affecting homebuyers, especially during the spring homebuying season, by limiting affordability.
Homebuilders are offering incentives to mitigate the impact of higher mortgage rates, helping to boost sales of newly built homes.