Mortgage News

  • The Charles King Group
  • 04/8/22

Rising mortgage rates are causing both buyers and sellers to act fast to the changing market conditions. Buyers are sweating because the average rate on the 30-year fixed mortgage, which has been rising since January, really took off in the past few weeks. It surpassed 5% earlier this week, according to Mortgage News Daily. However, several new reports from real estate companies suggest buyers may be starting to get a break in this red-hot housing market. More listings are coming up for sale, and some sellers are lowering their asking prices. As more supply comes on the market and mortgage rates rise sharply, sellers appear to be coming back to Earth, at least a little. About 12% of homes for sale had a price drop during the four weeks ending April 3. (CNBC)

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