U.S. mortgage rates have recorded their first drop since the outbreak of the war between the U.S. and Israel against Iran, offering some support to the housing market during the spring sales season. Recent data indicates that the average rate for a 30-year fixed mortgage has fallen to 6.37%, down from 6.46% the previous week and also lower than the 6.62% recorded a year ago. The decline in rates has partially alleviated pressure on the real estate market previously caused by rising energy prices and increasing financing costs. Despite this, market demand has remained resilient. According to Zillow Group, newly signed pending home listings exceeded 281,500 in March, marking the second-highest level since August 2022. At the same time, the number of homes for sale nationwide increased by 4.2% year-over-year to approximately 1.23 million, indicating a gradual improvement in market supply. Since the beginning of the year, mortgage rates had risen rapidly from around 5% to over 6%, though they remain below the peak of nearly 7% seen in the summer of 2025. The relatively moderate decline has improved housing affordability to its best level in four years, prompting the release of some pent-up homebuying demand. Industry experts believe the market is currently demonstrating a degree of resilience. A senior economist at Zillow noted, "If mortgage rates continue to trend downward, it could serve as a key catalyst for a recovery in transaction activity." It is worth noting that the 10-year U.S. Treasury yield, which is closely linked to mortgage rates, has also retreated following a short-term ceasefire agreement between the U.S. and Iran, providing support for the rate decline. However, analysts widely caution that geopolitical risks have not yet dissipated. An economist from Realtor.com commented, "The relief in mortgage rates may only be temporary. Uncertainty will continue to loom over the housing market until more lasting stability emerges in the situation."