Mortgage rates climbed to 7.1%, marking the third straight week of gains. Here's a look at what to expect from the housing market in the months ahead.
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00:00I'm Caroline Woods reporting from the New York Stock Exchange. Here's what we're watching on
00:03the street today. Stocks are wrapping up a busy week on Wall Street as investors digest hotter
00:09than expected inflation data, first quarter GDP, and a slew of big tech earnings. The earnings
00:15parade will continue with results expected from Amazon, Starbucks, eBay, Apple, and more next week.
00:21Investors are also looking ahead to the Federal Reserve's two-day policy meeting,
00:25which kicks off on April 30th. Analysts are widely expecting the central bank to
00:30hold interest rates steady for the sixth straight meeting. And in other news,
00:34mortgage rates are showing no signs of slowing. Freddie Mac data showed that the average rate
00:39for a 30-year mortgage climbed to 7.1% this week, marking the third straight week of gains. This is
00:46the highest level seen since November. Mortgage rates at this time last year were just above 6.4%.
00:52But there should be some reprieve ahead. With inflation on a steady decline,
00:57rates should fall in tandem. The National Association of Realtors expects that mortgage
01:01rates will fall to 6.5% by the end of 2024. The housing market has been in crisis mode over the
01:07last few years as it contends with higher mortgage rates, painfully elevated home prices,
01:12and limited inventory. That'll do it for your daily briefing from the New York Stock Exchange.
01:17I'm Caroline Woods with The Street.
01:22you