Homebuyers scramble as mortgage rates jump
Homebuyers scramble as mortgage rates jump
By Alan Zibel And Adrian Sainz, Associated Press
WASHINGTON — The era of record-low mortgage
rates may be over.
The average rate on a 30-year loan has jumped from about 5% to more than 5.3% in just the past week. As mortgages get more expensive, more would-be homeowners are priced out of the market — a threat
to the fragile recovery in the housing market.
And if you wanted to refinance at a super-low rate, you may have missed your chance. Rates under 4%
are still available, but only for loans that reset in five or seven years, probably to higher rates.
For people putting their homes on the market this spring, rising rates may actually be a good thing. Buyers are racing to complete their purchases and lock in something decent before rates go even
higher.
"We are seeing some panic among potential buyers who have not found houses yet," said Craig Strent, co-founder of Apex Home Loans in Bethesda, Md. "They're saying: Man, I should have found a house three weeks ago or last month when rates are lower."
Read the rest of the article at:
http://www.usatoday.com/money/economy/housing/2010-04-07-homebuyers-scamble_N.htm
Posted at 12:21PM Apr 27, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
