Mortgage Rates Surge, Pinching Home Buyers
Salt Lake City News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Mortgage rates have surged for the fifth consecutive week, reaching a six-point-four-six percent average for thirty-year fixed rates, up significantly from late Februarys five-point-nine-eight percent. This increase aligns with the Middle East conflicts impact on global energy supplies and inflation expectations, driving up yields on the ten-year Treasury note and consequently mortgage rates. The spike adds over one hundred dollars to typical home loan payments, exacerbating affordability challenges and potentially deterring buyers. Despite last years flat existing home sales and this years projected fourteen percent increase, recent rate fluctuations are undermining these housing forecasts. The Feds benchmark rate remains unchanged, but war-driven inflation is dimming hopes for near-term cuts. However, savvy buyers can still secure rates below average by comparing offers and qualifying for top programs.
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