Inventory is improving, but a 6.46% mortgage rate is freezing spring momentum

Mortgage rates just jumped back up to 6.46% after dipping below 6% in late February, and it’s already showing up as hesitation in the spring market.

What’s interesting: the setup is actually getting more buyer-friendly in a lot of places—more active listings, longer time on market, and more sellers offering concessions. But when rates move fast, the monthly payment math changes immediately, and many buyers pause.

If you’re shopping: treat payment volatility as the main risk, not just the list price. If you’re selling: expect longer marketing times and be ready to price competitively and/or offer credits.