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As home sellers, buyers wait on a Fed cut, here's how mortgage rates have impacted the spring housing market

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While some buyers have come to terms with 7% interest rates, the rate volatility is the factor with the biggest impact, an economist says.

The 30-year fixed rate mortgage rose to 7.17% on April 25, according to Freddie Mac data via the Federal Reserve.

"I believe our first rate cut is penciled in for July," said Matthew Walsh, assistant director and economist at Moody's Analytics. "The biggest thing when we're looking at mortgage rates right now is volatility," said Nicole Bachaud, a senior economist at Zillow Group. When rates bounce around from week to week, a buyer looking into a house one day might not be able to afford the same property the next day, she said.

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