Recent market trends — including an improvement in mortgage rates, housing affordability and potential refinance opportunities — suggest positive signs for the real estate market this year, according to February’s Mortgage Monitor report from Intercontinental Exchange (ICE).
Mortgage rates held at 6.71% as of Jan. 24, down more than a full percentage point since their peak in October, the report noted. The spread between the 30-year fixed mortgage rate and the 10-year Treasury yield narrowed to 253 basis points (bps) on Jan. 24, falling 18 bps since early January and down about 50 bps from August.
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