Homebuyers Stay Engaged Despite Changing Mortgage Rates

Mortgage rates remain high, averaging around 7%, causing a sluggish housing market with contract signings 4.7% below last year. Home prices continue to rise, with regional variations: the Northeast and Midwest see the fastest price growth but declining contract signings, while the South and West show monthly gains. Buyer interest is mixed, with some waiting for rates to drop and others acting quickly. Elevated rates are expected to persist, limiting affordability and sidelining buyers.