More Listings, Lower Rates This Week

Although mortgage rates have been fluctuating from week to week, home prices for the week ending March 23 managed to hold steady, marking two consecutive weeks of a 0% annual price change compared with the same period in 2023, Realtor.com reports.

But while home prices stagnated, more new listings hit the market and home sellers got busy reducing listing prices. The result: Overall active inventory, which includes both old and new listings, saw a 25.5% jump for the week ending March 23, marking the 20th week in a row that the total number of homes for sale was up year over year. Meanwhile, in mortgage news ...

The average rate for a 30-year fixed home loan dropped from 6.87% to 6.79% for the week ending March 28, according to Freddie Mac.

“Mortgage rates moved slightly lower this week, providing a bit more room in the budgets of some prospective homebuyers,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Regardless, rates remain elevated near 7% as markets watch for signs of cooling inflation, hoping that rates will come down further.”

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