An article today in the San Jose Mercury News highlighted the effects of the mortgage rate increases over the last three weeks. Many individuals who were in the process of trying to refinance their homes but did not have low interest rates locked in have had to put on hold their refinancing plans now that the rates have gone higher. The average rate for a 30-year, fixed-rate loan of less than $730,000 was 5.59% this week, up from only 4.82% three weeks ago.
The rate hikes are also affecting buyers, who now no longer have as much buying power.
The article also highlights what I have already observed with my own listings in the last two weeks (see 6.7.09 post)-- homes on the lower end, under $500,000, are selling extremely well and receiving multiple offers in many cases. The midrange, under $800,000, is also moving quite well.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment