"Record High Mortgage Rates Pose New Challenges for Spring Home Buyers"

Federal Reserve Chairman Jerome Powell's comments this week dashed hopes of mortgage rate softening, causing rates to jump above 7%. Higher rates make it more expensive for buyers to borrow, leading to delayed home sales and spurring price increases. Homeowners with lower rates are reluctant to sell, further limiting inventory growth. Buyers may face challenges, but those with financial stability may find less competition and more negotiation opportunities in the market.