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Mortgage rates have fallen in seven of the last eight weeks. The downward-trending graph for interest on new home loans has got to be at least a little encouraging for buyers and sellers heading into spring.

Have mortgage rates dropped enough to spur homebuyers this spring? This week, the average 30-year fixed-rate mortgage did edge up marginally to 6.65%, according to Freddie Mac. Still, that’s down from the most recent peak of just over 7% in mid-January. Remember, the rate topped 7.75% in 2023 as inflation spiked and the Federal Reserve hiked short-term rates.

High mortgage rates and elevated home prices combined to crush home sales in January.

Pending home sales drop to the lowest level on record in January Pending sales, which are based on signed contracts for existing homes, dropped 4.6% from December to the lowest level since the National Association of Realtors began tracking this metric in 2001. Sales were down 5.2% from January 2024. These sales are an indicator of future closings.