Key takeaways

  • Mortgage rates fell to their lowest averages since September 2022, with the 30-year fixed at 6.01% and the 15-year at 5.35%.
  • Lower rates have fueled a sharp increase in refinancing, but home sales and pending contracts remain weak amid affordability challenges and winter conditions.
  • Economists expect spring to bring more buyer activity, with millions of households newly able to qualify for a mortgage at today’s rates.

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