Research Brief: Housing – March 2023

Mild mortgage rate relief brought buyers off the sidelines. Existing single-family home sales hit a 5-month high in February, correlating with a slight retreat in borrowing costs. Mortgage rates have been volatile in the opening portion of 2023, climbing after the Federal Reserve voiced a more aggressive stance, then falling again after Silicon Valley Bank’s demise and the related banking sector turmoil. The average 30-year mortgage rate is nevertheless undercutting last year’s 7 percent peak, hanging in the low- to mid-6 percent range in 2023. This reduction helped drive the…

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