WASHINGTON – U.S. long-term mortgage rates dipped this week to the lowest average in more than a year, providing a possible boost to the start of the Spring homebuying season in March. help boost.
Mortgage rates have risen about half a percentage point since September. But don’t panic if you’re about to buy a home. You can lock your mortgage rate, pay discount points to reduce the rate or.
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Experts don’t expect mortgage rates to rise too much following the Fed rate hike. Some don’t believe rates will exceed 5%. According to the deputy chief economist at Freddie Mac, rates should stay between 4.25% and 4.30% during this year’s home-buying season (roughly spring into early summer).
· Mortgage rates began their climb at the start of September and are now about a full percentage point higher than they were a year ago, now around 5 percent on the 30-year fixed.
· First American Chief Economist reportedly said, “Mortgage rates still remain historically law and rising rates are not expected to slow down demand this spring homebuying season.” Although the economy is rapidly growing, the Federal Reserve should not begin raising the mortgage interest rates, until the economy and the housing market fully and financially recovers from the 2008 Great.
Home buyers not deterred by rising mortgage rates or home prices Mortgage rates are on the rise and hurting buyers. Here’s what you need to know if you plan to buy a home this year. The worst of all possible confluences for home buyers got a bit worse this week: Mortgage interest rates jumped up again, to the highest level in five years.
by – March 1, 2018. With the traditional start to the home-selling season just starting, would-be homebuyers may be a bit jittery watching mortgage rates. Since the beginning of the year, rates have increased nearly a half-point to just under 4.5% and are expected to climb as homebuying gets underway in earnest.
· The average rate this week for 15-year, fixed-rate loans declined to 3.78 percent from 3.81 percent. mortgage rates hew closely to changes in the interest charged on 10-year U.S. Treasury notes. Lower borrowing costs should help boost home sales, as rising mortgage rates in 2018 caused homebuying to tumble last year.
"While rising rates provoke buyer anxiety and decrease affordability, the desire to purchase a home is driven by income and family changes and will likely remain untouched by rising mortgage.
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Despite rising rates, housing had its best spring since 2013 last year, with a strengthening economic backdrop more than offsetting reduced demand from higher rates. All signals point to a similar scenario for builders as we kickoff spring 2018, with rising rates unlikely to ruin housing’s recovery.