Where are mortgage rates headed? What to know for spring homebuying season.

Spring housing market faces challenges as rising oil prices due to the Iran war drive inflation and mortgage rates up, with 30-year fixed rates reaching around 6.57%. Rates may stay in the low-6% range or rise to 6.7%-7% depending on oil prices. Higher rates and living costs deter buyers, causing homes to linger on the market and sellers to lower prices by about 2% year-over-year. Buyers and sellers should consider long-term finances over short-term market shifts.