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March Mortgage Forecast: Unfavorable Rates, yet Favorable Price Reductions | Lifestyle


Mortgage rates for March are expected to remain stagnant for the first two-thirds of the month before potentially rising after the Federal Reserve’s rate-setting meeting on March 19. Despite the dim rate outlook, there are some positive signs for home buyers, including a larger inventory of homes to choose from, more moderate price increases, and a significant number of homes on the market with price cuts.

The current high mortgage rates are attributed to persistently high inflation rates, prompting lenders to maintain rates above inflation levels. While the Federal Reserve has refrained from further rate cuts since December, market participants anticipate some reductions later in the year, potentially as soon as the June meeting.

Federal Reserve officials, including Chair Jerome Powell, have emphasized a cautious approach to rate cuts, citing ongoing inflation concerns. The Fed’s intention to wait before any potential rate cuts may result in market participants revising their expectations, leading to higher mortgage rates.

Despite the challenges with rates, there are hopeful signs in the housing market, including an increase in the number of homes for sale, moderating price increases, and a notable portion of homes with price reductions. Forecasters predict that mortgage rates will remain steady in March, with the Mortgage Bankers Association and Fannie Mae forecasting an average rate of 6.9% for the first quarter of 2025.

Overall, the March mortgage outlook points to challenging rates but potential opportunities for buyers with increased inventory and price cuts in the market. The housing market continues to evolve, with various factors influencing the overall rate and price dynamics for potential homebuyers.

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