As home sellers and buyers wait on a Fed cut, here's how mortgage rates have affected the spring housing market

People looking to buy or sell a home this spring are paying close attention to mortgage rates.

People looking to buy or sell a home this spring are paying close attention to mortgage rates.

The average 30-year, fixed-rate mortgage rose to 7.17% for the week ended April 25, according to Freddie Mac data via the Federal Reserve. The rate was 7.10% the prior week.

Buyers and sellers may not see any relief soon.

It remains unclear when the Fed might make its first rate cut. Experts anticipate policymakers will continue to hold rates steady in this week’s meeting and will trim borrowing costs in the second half of the year.

“I believe our first rate cut is penciled in for July,” said Matthew Walsh, assistant director and economist at Moody’s Analytics.

https://www.nbcnews.com/business/consumer/home-sellers-buyers-wait-fed-cut-mortgage-rates-rcna149876

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