Borrowing costs are quickly rising, and buyers want to lock them in ahead of further hikes.
The 30-year fixed-rate mortgage has seen the fastest three-month increase in 28 years.
The higher rates may arrive sooner than housing analysts originally predicted.
Adjustable-rate mortgages can carry some risks but as rates rise, more home buyers may turn to them.
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.
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