Mortgage rates leaped to 5 percent for the first time in a decade, signaling an important milestone in a red-hot real estate market already challenged with affordability.
A home is shown for sale on E. 25th on Wednesday, April 13, 2022 in Houston. The average home price in the Houston area topped $400,000 for the first time ever in March and the supply of homes on the market remained extremely tight, according to the monthly home sales report by the Houston Association of Realtors. Homes sold for an average of $410,923 in March, nearly $42,000 or 11 percent higher than March 2021.
Last month, the median home price in Houston shot up by 15.5 percent to a record $335,000, according to Houston Association of Realtors. Average home prices in Houston“As Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices and tight inventory are making the pursuit of homeownership the most expensive in a generation," said Sam Khater, Freddie Mac’s Chief Economist in a statement.
The rate spikes are starting to impact mortgage application volume, with dipped 5 percent in March compared to the same time last year, according to Mortgage Banker's Association.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Mortgage rate spike boosts ARM demandWith the rise in mortgage rates along with the Federal Reserve increasing rates to curb inflation, the MBA sees mortgage originations slowing.
Leer más »
US long-term mortgage rates rise; 30-year loan reaches 5%Long-term U.S. mortgage rates continued to climb this week as the key 30-year loan rate reached 5% for the first time in more than a decade amid persistent high inflation.
Leer más »
Mortgage rates hit 5%, highest in more than a decadeIt's going to be hard for first-time buyers to afford a house.
Leer más »
Mortgage rates soar to highest level in over a decade — even wealthy home buyers are feeling the painAs interest rates on home loans surge above 5%, the pandemic-related boom in purchases of second homes is coming to a screeching halt.
Leer más »
What You Need to Know If You're Thinking of Buying a HomeThe cost to buy a home is rising, from factors like inflation and rising mortgage rates, here are the things you need to know if you’re thinking of buying a home.
Leer más »
Mortgage Rates Jump To 4.67% As Home Prices Hit Record HighRates for home loans rose to the highest level since 2018 as home prices also hit a new all-time high, all of which is creating stronger headwinds for those trying to buy a home. The average rate for a 30-year, fixed-rate mortgage reached 4.67% for the week ending March 31, according to data from mortgage […]
Leer más »