Economy and Housing Market
For the fourth consecutive week, mortgage rates surged, rising from 3.76% to 4.67% in March alone.
Mortgage rates are moving higher and higher, and some home buyers are in a rush to lock in a loan ahead of any further increases.
Owners are turning to the equity in their current home to fund their next real estate deal. But it can be risky.
Higher monthly mortgage payments could quickly affect home buyers’ ability to keep up with the market, says Freddie Mac’s chief economist.
“First-time home buyers who rely on these government programs are increasingly challenged," says MBA's chief economist.
Higher home prices are overshadowing potential savings from historically low mortgage rates.
Despite increasing appreciation, fewer homeowners seem to be taking advantage except in these locales.
Rates above 4% are likely the norm for the foreseeable future.
Home buyers can expect higher financing costs after the Federal Reserve raised its short-term benchmark rate for the first time in three years.
The government agency says it's increasing the monitoring of servicers to ensure they’re using funding sources to help financially struggling owners.
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