Mortgage Rates Rise Amid Uncertainty, Keeping Housing Market Tight

The New York Times writes that mortgage rates have fluctuated in recent months and now stand at 6.79%.  While many homebuyers had hoped for further rate cuts from the Federal Reserve, uncertainty about future cuts has grown due to stronger-than-expected economic performance and economic policy changes under President Trump. Higher mortgage rates and home prices continue to limit affordability, while homeowners with low pandemic-era rates are reluctant to sell. This “lock-in effect” is contributing to a lack of housing mobility.

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