Economy and Housing Market
Housing demand is slowing as mortgage rates climb and more buyers become priced out.
The interest rate for the 30-year fixed-rate mortgage averaged 5.09% this week, continuing to inch down slightly.
Recent home buyers say they felt rushed to make a purchase decision due to market pressure and have concerns about their mortgage, a new study shows.
Overall mortgage demand—which includes refinancings and home purchases—has fallen to its lowest level since 2018.
The 30-year fixed-rate mortgage averaged 5.10% this week, down from last week’s 5.25% average.
Some buyers are being drawn to adjustable-rate mortgages for potential savings up against rising rates, but those savings do come with risks.
Amid market uncertainty, buyers focus on lower initial rates.
Shopping around for a mortgage before you buy can help save tens of thousands of dollars over the lifetime of your loan, says LendingTree.
The monthly mortgage payment has increased by about $520 since the first week of January.
With rising home prices, home buyers are bringing higher down payments to make their offers more attractive to sellers.
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