US mortgage rates remain high, with 30-year fixed-rate mortgages averaging 6.81% as of April 24, according to Freddie Mac. This increase has led to a decrease in consumer and investor confidence, causing mortgage applications to slump for the second consecutive week.
The National Association of Realtors reported that sales of previously-owned homes cratered in March, with an annual pace of 4.02 million, lower than the full-year tally for 2024. Redfin’s report also found that homes are taking longer to sell and fetching fewer bids due to supply and demand imbalances.
Economists attribute this slowdown to higher-than-expected mortgage rates, which held some buyers back at the beginning of the year. While rates have decreased slightly in recent weeks, economic uncertainty and consumer anxiety remain a significant concern.
Investor unease is also affecting average Americans, making big decisions more difficult due to market volatility. The growing disconnect between what sellers think they can get for their homes and the actual market direction is exacerbating the issue.
Source: https://eu.usatoday.com/story/money/personalfinance/real-estate/2025/04/24/mortgage-rates-high-housing-market-impact/83163455007