Mortgage Rates Dip, But Market Uncertainty Persists

0:00It's April 9th, welcome to Canada News Today, powered by AI. The average 30-year fixed mortgage rate dipped this week to 6.37%, down from 6.46% last week. That's according to Freddie Mac's latest report. A year back, it sat at 6.62%, so still high but a small breather for folks eyeing homes. After five weeks of climbing, rates pulled back to about where they were two weeks ago. Meanwhile, the 15-year fixed rate, a favor for refinancers, slipped to 5.74% from 5.77%. Last year at this time, it was 5.82%. Home buyers filled a pinch when rates spike, adding hundreds monthly to payments and shrinking what they can afford. The housing market's been dragging since 2022, with existing home sales stuck at 30-year lows and barely budging last year. Applications dropped 0.8% last week too. Ron yields drive these changes, like the 10-year treasury easing to 4.28%, amid a two-week

1:01U.S. Iran ceasefire. Inflation worries and fed moves keep things volatile, holding back rate cuts. Spring's peak season looms, but this dip might not stick without lasting peace or cooling prices. Keep eyes on how buyers respond, as uncertainty hangs over the market.