Mortgage Rates Surge, Cooling Spring Home Buying

0:00On April 4th, the war with Iran is jacking up mortgage rates, making it tougher to buy a home this spring, even though the market is tilting toward, buyers in most spots. Just last week of February, the average 30-year mortgage dipped under 6%, the lowest in over 3 years, but now it's climbed to 6. 0.46%, the highest in nearly 7 months. That spike slowing down applications right when spring buying usually heats up. Prices are feeling more power with listings of 8% nationwide from last year, especially in the West, Midwest, and South. Media and prices dropped in over half the top 50 metro areas, like nearly 9% in Austin and Memphis, giving folks leverage for lower offers, or seller concessions, on repairs, and closing costs. Real estate pros say sellers are hurting, homes sit longer, forcing price cuts or incentives as one agent in Dallas noted with more competitive listings. Prices like a Fort Worth shopper locked in 6% before rates rose, snagging 10,000 off

1:01asking plus extras while a Kansas City couple, slash their price but still has no bites. Uncertainty from the conflict and sputtering job market could keep many sidelined, turning what should be a hot season into a wait and see game for, home hunters everywhere. That wraps global news today, brought to you with AI.