Neill Realty Group

Mortgage rates recently ended a 5-week rise and ticked slightly lower after a U.S.-Iran ceasefire, but economists say the decline is likely temporary due to ongoing inflation concerns and global uncertainty, which continue to keep borrowing costs elevated.

As a result, the housing market is in a “holding pattern,” with fewer mortgage applications, new listings, and pending sales, even as some buyer interest remains strong online.

However, analysts warn that a sustained drop in rates is unlikely in the near term, meaning the spring housing market may stay slow and uncertain.