Mortgage Rates Surge, Impacting Spring Homebuying
Durham News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Mortgage Rates Surge, Impacting Spring Homebuying Rush: A Tale of Two Markets
Mortgage rates have skyrocketed due to the war with Iran, reaching a seven-month high of 6.46%. This surge is causing a slowdown in mortgage applications and the spring homebuying rush. Despite rates being lower than last years peaks, buyers are hesitant, waiting for stability. However, the market is favoring buyers, with active listings increasing by nearly 8% nationwide. Sellers are offering incentives, such as price drops and cash for repairs. Anne King in Fort Worth secured a home for $265,000 after negotiating a $10,000 price drop and $17,000 in extras. Meanwhile, Gail Sanders in Kansas City has had no bites after slashing her asking price by $10,000. Prices have dipped year-over-year in over half of the top 50 metro areas, and sales remain sluggish. If you have the cash, now may be the time to buy before rates climb further.
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