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The Federal Reserve's key inflation gauge moved in the wrong direction in February, a concerning development. However, signed contracts for new and existing homes rebounded after a sluggish start to the year, and home prices nationwide continued to show solid growth.

After several weeks of steadily improving mortgage rates, things hit a bit of a wall: tariff fears and realities, rising inflation expectations, hawkish Fed commentary, etc. Nonetheless, average 30-year mortgage rates remain well below 7%. This, together with higher inventory levels nationwide, is breathing some life back into the moribund housing market.

The Federal Reserve kept interest rates unchanged, as anticipated, while unveiling its latest economic projections. Meanwhile, existing home sales and housing starts exceeded expectations, even as home builder confidence declined.