Mortgage Rates Surge, Dampening Homebuying Season
Portland Maine News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Mortgage rates soar, dampening spring homebuying season: Freddie Mac reports a significant increase in average thirty-year fixed rates, now at 6.46%, up from 5.98% just weeks ago. This surge aligns with the Middle East conflict, driving up yields on the ten-year Treasury note and pushing mortgage rates higher. A small rate increase can add over $100 to a typical monthly payment, potentially cooling off the spring homebuying season. Last years home sales remained flat, and upbeat forecasts for a 14% jump this year are fading as affordability takes another hit. The Federal Reserve hasnt adjusted its benchmark since December, and war-driven inflation is hindering hopes for quick rate cuts. Experts advise shopping around for the best rates, as swings are high and averages range from the mid-six percent range.
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