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Are We Headed for a Spring Homebuying Slowdown?

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New-Home Sales

Are We Headed for a Spring Homebuying Slowdown?

As mortgage rates rise to their highest levels in two months, Freddie Mac warns rates may stay higher for longer, which could affect spring buying 


February 15, 2024
House and tulips for spring homebuying
Image: Alliance / stock.adobe.com

“The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season,” said Khater in a statement.

Mortgage applications to buy a home so far in 2024 are down in more than half of all states compared to a year earlier, Khater said.

“Mortgage rates have been volatile due to strong employment data, rising last week and leading to a 2% drop in applications,” said Bob Broeksmit, CEO of Mortgage Bankers Association in a release.

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