In the ever-changing landscape of the housing market, mortgage rates have been fluctuating, causing both excitement and concern among potential homebuyers. According to Mortgage News Daily, the average rate on a 30-year fixed mortgage recently surpassed 7% and is now hovering around 7.5%, the highest it’s been since last November. This increase in rates has been attributed to a variety of factors, including rising inflation and economic uncertainty.
Despite the higher mortgage rates, there has been a surprising 5% increase in mortgage applications for home purchases compared to the previous week, as reported by the Mortgage Bankers Association. This uptick in demand may be due to some borrowers wanting to lock in rates before they rise even further. However, affordability continues to be a concern as supply remains low and competition remains high.
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