Housing market shows tentative recovery as pending home sales rose from record lows in February, buoyed by mortgage rates that had dipped to their lowest levels in years.

Housing market shows tentative recovery as pending home sales rose from record lows in February, buoyed by mortgage rates that had dipped to their lowest levels in years. However, the brief relief for homebuyers has evaporated as rates have spiked back above 6.3 percent, threatening to derail momentum in the already fragile real estate sector. The surge in borrowing costs comes as investors reassess inflation expectations and the Federal Reserve's interest rate trajectory. For prospective buyers, the timing is critical as higher rates directly translate to increased monthly payments and reduced purchasing power. The housing market remains under pressure from affordability challenges that have persisted throughout the economic cycle.