Mortgage rate spike finally hits housing market

Mortgage rates jump to four-month high as housing market hits. – Rates for home loans jumped in step with yields in the bond market even as fresh reminders of familiar headwinds stalked the housing market. The 30-year fixed-rate mortgage averaged 4.65% in the.

Things To Know Before Buying Property in 2018. 2) Mortgage rates are rising. With the surge in the 10-year bond yield to 2.85%, mortgage rates are following suit. My last mortgage refinance was in 2016 when I locked in a 5/1 Jumbo ARM at 2.5%. This same mortgage is now 3.58% based on the latest rates.

What’s With Mortgage Rates? Experts Offer Predictions For The Remainder of 2017  · However, if you can afford to refinance that 20-year mortgage into a 15-year mortgage, the combination of a lower interest rate and a shorter term will substantially reduce the total amount of.

Sales of new U.S. homes increased 4.5% in March, the third straight monthly gain as the housing market appears to be cautiously recovering from a mortgage rate spike last year that caused.

Spike in mortgage rates sends chill through metro Detroit home sales A spike in mortgage rates has driven some potential home buyers out of the market. But experts say the housing is slowing down.

Echoing shades of Reno’s bubble years, the Biggest Little City saw the largest spike in the. can afford a higher mortgage, Henderson said. Interest rates also remain as the primary wildcard that.

Mortgage rates dipped slightly this week, as the average rate for a 30-year fixed-rate mortgage fell to 4.85%, down from 4.90%, according to Freddie Mac’s Primary Mortgage Market Survey.. A year ago at this time, the 30-year FRM averaged 3.88%.

A blog keeping you up to date on current mortgage rates and market conditions.. Automated Mortgage and Real Estate Newsletters | Advertise. Rate Spike Pauses on Fed Chair Optimism.

rising mortgage rates will take a bite out of affordability on top of an already supply-constrained and high-priced housing market. Almost one in five (19 percent) renters who wish to buy said rising mortgage rates were their biggest obstacle to homebuying – up from 13 percent in April, before rates hit seven-year highs.

Freddie Mac’s Home Possible Versus Fannie Mae’s HomeReady: Which Is Better? Credit-worthiness is more of a factor with Fannie Mae’s HomeReady program, versus Freddie Mac’s HomePossible program, which allowed those without a credit score to apply. The requirement for the HomeReady program is a score of 620, however there are perks for those that are above the 680 score, which leads to better pricing. Another great.

Sales of new U.S. homes increased 4.5 percent in March, the third straight monthly gain as the housing market appears to be cautiously recovering from a mortgage rate spike last year that caused homebuying to slump.

How a recession could impact the housing market – Housing. market,” said Ralph McLaughlin, an economist with corelogic. rising interest rates would prevent a number of potential homebuyers from qualifying for a mortgage and also lower the price.

Mortgage Rates In 2017 Are Headed Where? Which Direction are Mortgage Rates Headed? The mortgage bankers association reported that a 30 year fixed mortgage rose to 4.73 percent from 4.61 percent and Freddie Mac released their weekly survey showing the average rate on a 30 year mortgage rose to 4.87 percent from 4.78 percent.