Mortgage rates continue to rise and currently sit at 7.12% according to Mortgage News Daily.
Here is an overview of where we stand today:
- Mortgage applications rose in the latest week, even though rates stayed the same.
- This is because some buyers have accepted the higher rates, and others are buying now because inventory is low.
- The average 30-year fixed mortgage rate was 7.31%, unchanged from the previous week.
- The purchase index rose 2%, and the refinance index rose 2.5%.
- The mortgage market is still uncertain about the Federal Reserve’s plans to raise interest rates in the near term.
- However, some buyers seem to have accepted the higher rates and are moving forward with their home purchases.
- Others are buying now because inventory is very low, and they are willing to pay higher rates to get the home they want.
- The average 30-year fixed mortgage rate is still significantly higher than it was a year ago, when it was around 3%.
- This means that monthly mortgage payments will be higher for borrowers who take out a mortgage today.
With all of this said… the housing market remains strong, and demand for homes is still outpacing supply.
Thanks for reading,
Chris
