Economists' Outlook: Housing stats and analysis from NAR's research experts.

By Dr. Jessica Lautz is the Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®

Facts: The average 30-year fixed mortgage rate from Freddie Mac fell to 6.87% from 6.89% last week. At 6.87%, with a 20% down payment, the monthly mortgage payment is $2,101 for a home priced at $400,000. With 10% down, the typical payment would be $2,364.

Positive: Mortgage interest rates have decreased for four consecutive weeks. This timing is encouraging as home buyers begin to enter the early Spring housing market, and mortgage applications have also risen. If housing inventory continues to grow, home buyers will find themselves in a more favorable position compared to previous years. 

Negative: Although rates are lower on a weekly basis, the overall housing affordability equation considers the price of the home alongside expenses such as utilities, taxes, and insurance.