Buyers Appear Undeterred as
Mortgage Rates Continue to Climb
Sub-3% mortgages are slowly fading into the rearview mirror as the 30-year fixed-rate mortgage continues to inch up. The 30-year fixed-rate mortgage averaged 3.09% this week, Freddie Mac reports.
Economists continue to remind consumers that mortgage rates are still near historical lows and are hovering around 3%. “Even though mortgage rates will likely continue to rise later this year, with the Fed keeping interest rates low, mortgage rates will remain favorable for would-be home buyers and owners to refinance,” Nadia Evangelou, senior economist and director of forecasting at the National Association of Realtors, wrote on the association’s Economists’ Outlook blog.
So far, the increase in mortgage rates has not appeared to deter would-be buyers. Home purchase mortgage activity continues to remain elevated and sales of both new and existing homes are at a 14-year high, Evangelou notes.
Source: Realtor Magazine, National Association of Realtors.
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