The spring housing market is on, but mortgage rates just shot higher. Here's what to know.
CNBC
This spring's housing market is on, but economic headwinds are pushing back most of the advantage that buyers have gained over the past year in affordability.
Spring is traditionally the busiest season for home sales, and while this year's market dynamics have shifted strongly in favor of buyers, broader forces in the economy are creating significant challenges.
The most important factor in any season is mortgage rates. They were expected to be lower this year, as the Federal Reserve dropped its lending rate to counter inflation, but the war with Iran has turned that on its head. The cost of oil is shooting higher, leading to rising inflation and causing the Fed to reconsider.
Now, U.S. interest rates are rising, with mortgage rates following suit.
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