as the housing market grapples with elevated prices and a historic drop in listings theres a glimmer of hope for homebuyers mortgage rates are taking a slight dip the cme group fedwatch tool currently shows an 893 probability that the federal reserve will pause rate hikes in june a move likely to stabilize the mortgage landscape the welcome sideways trend in mortgage rates marks a departure from last year’s record increases the 30year frm stands at 635 while the 15year frm is at 575 hinting at a moderating inflation rate analysts anticipate this deceleration will extend throughout 2023 positively impacting the longterm trajectory of mortgage rates  read also credit card spending in april declined for the first time since february 2021 says bank of america data rocket companies inc rkt and pennymac financial services inc pfsi are among the companies that have a vested interest in mortgage trends and could see an increased demand for loans and refinancing a stable rate environment could potentially drive more borrowers towards refinancing or purchasing new homes positively impacting their bottom lines however the housing market remains a battlefield for buyers with a historic drop in listings fueling competition according to redfin corp rdfn a significant portion of homes nearly 48 went under contract within two weeks in the period ending april 30 the rapid buying rate indicates that despite elevated mortgage rates demand remains strong as the federal reserve signals a pause in interest rate hikes homebuyers and sellers can feel a tad more confident about mortgage rates not skyrocketing again soon yet the housing landscape is still fraught with uncertainties inventory shortages and high prices continue to pose challenges making the slight fall in mortgage rates a small albeit important respite in an otherwise heated market  read next want to get rich netflix star and selfmade millionaire says don’t own a home