Mortgage Rates Rise Again as Spring Housing Market Starts, Threatening U.S. and California Home Sales
U.S. 30-year mortgage rates climbed to 6.29% Tuesday, up from below 6% in late February, according to Mortgage News Daily. Pending home sales rose 1.8% in February, but economists warn higher rates and volatile oil prices could stall the spring housing market. California’s median home price hit $830,370 last month, with sales still below 300,000 for the 41st straight month. Builders report continued weak sentiment and ongoing price cuts.