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Lower mortgage rates are making for a rosy spring selling season, even if the economy is starting to show some sluggishness, economists note in Freddie Mac’s March forecast.

“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence—two of the most important drivers of home sales,” says Sam Khater, Freddie Mac’s chief economist. “Rising sales demand coupled with more inventory than previous spring seasons suggests that the housing market is in the early stages of gaining momentum.”

The 30-year fixed-rate mortgage dropped to a 4.28 percent average last week, lower than the 4.45 percent average from a year ago, Freddie Mac reports. “Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the home buyer affordability front,” Khater says.  Read more