Mortgage News

  • The Charles King Group
  • 04/15/22
Mortgage rates hit 5% this week, the highest level since February 2011, continuing a stunning ascent since the start of 2022. The rate on the 30-year fixed mortgage jumped more than a quarter-point in a week from 4.72% last week, according to Freddie Mac. In the last five weeks alone, the rate has climbed 1.24 percentage points and is 1.89 points higher than at the end of last year. The rapid rise in rates exacerbates an ugly affordability crisis for homebuyers as the traditional buying season gets underway, shutting out most homeowners from refinancing into a lower rate. With rates jumping, potential homebuyers are seeking other ways to afford runaway home prices, with more buyers turning to adjustable-rate mortgages. (Yahoo! Money)

Work With Us

Charles King Group has been helping local buyers and sellers just like yourself, locate the finest properties and negotiate the best deals. The team takes great pride in knowing the latest market conditions, government regulations, and upcoming developments — so that you don't have to.

Contact Us