What mortgage rates mean for Salt Lake home buyers this spring
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Lower mortgage rates could push up home prices in Salt Lake and nationwide if demand surges and inventory remains tight.
Why it matters: Steep borrowing costs are just one piece of the housing affordability crisis.
State of play: U.S. rates for 30-year mortgages are down from 20-year highs, but have crossed 7% again.
- Experts don't expect the Fed to make interest rate cuts until May or June, Axios' Emily Peck reports.
By the numbers: In Salt Lake, prices remained elevated — but generally stopped rising — as rate hikes locked current homeowners in place.
The fine print: Despite stabilizing, median home prices are still higher than they were pre-pandemic.
- The Salt Lake-area median sales price was around $485,000 in December 2023, compared to $347,535 in December 2019, per Redfin.
Flashback: In 2021, when rates hovered below 3.5%, bidding wars were rampant, and home prices surged by double-digit percentages.