Apr 24, 2024 - Economy
Mortgage rates reach new high for 2024
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Mortgage rates touched 7.5% in April, the highest they've been since last fall, per Mortgage News Daily data.
Why it matters: Our frozen housing market may not unthaw this spring.
The big picture: High mortgage rates are keeping homeowners locked in, and prospective homebuyers shut out.
- Experts were optimistic late last year that mortgage rates would drop in early 2024 and lure sellers and buyers off of the sidelines in time for spring.
Reality check: Mortgage applications have fallen since last week, and home sales have remained relatively stagnant.
The bottomline: Relief isn't coming any time soon.
Go deeper: Higher interest rates are rippling through the market again
