This week started with mortgage rates going all out, as according to Mortgage News Daily, bond traders started the day seeing higher rate returns compared to last Friday, albeit for no apparent reason: “Actually, it would be fairer to say for no new reason”.
Mortgage rates stood at 7.4% at the end of last week and the new increases are close to dismal 7.5% average, highest level since late 2000.
Low inventory and high interest rates continue to make homeownership unaffordable for potential buyers.
Despite these tough market conditions, many buyers They keep trying to get hold of a property, which keeps the demand high. Those who have put off buying in recent years also continue to face unappealing options.
According to Mortgage News Daily, the reasons for the upward rate drive are obvious and ongoing, led by high inflation: “Higher rates are supposed to be hurting the economy more than they have. Until that damage appears, rates have a green light to continue higher”.
Interest rates are based on trading levels in the bond market and are now close to 7.5% for no new reason.
The truth is that potential buyers will be those affected and those who they will end up paying more if they want to own a homeunless they resort to the most affordable markets
That they remain in the country, which does not sound very appetizing, especially when employment, family and children’s education may be developing in other states.
Keep reading:
· Real Estate Market Myths Affecting Buyers and Sellers in the US Today.
· Blow to US housing: 30-year fixed-rate mortgage hits its highest level in more than 20 years
· Places homebuyers are moving to in the US.
