Tag Archives: 30-Year Fixed Mortgage Rates

Due to an environment of rising mortgage rates and an influx of all-cash buyers, more and more are having to increase their down payments to offset the cost of rising homes. Click through to find out why there is a prevalence of all-cash buyers in the current market.

Sixty thousand home purchases fell through in August, a recent high, for reasons ranging from inflation to mortgage interest rates and evaporating work-from-home opportunities. Click through to dive into the data behind this trend.

"August was another rough month for mortgage borrowers from an interest rate perspective," said Andy Walden, VP of Enterprise Research and Strategy at Black Knight, now a part of ICE.

“Tons of homeowners scored an incredible deal during the pandemic: a 3% mortgage rate for the remainder of their 30-year loan … this means buyers who are in the market now are duking it out for a very small pool of homes, preventing home values from plunging,” said Redfin Economics Research Lead Chen Zhao.

Rising mortgage rates are costing new 30-year, fixed-rate mortgages hundreds to tens of thousands of dollars in costs over the lifetime of a loan. Click through to find out what that means for new buyers.

Rate lock dollar volumes jumped 43% month-over-month in March, driven by seasonal tailwinds, falling interest rates, and stronger purchase market performance, according to Black Knight.

“Buyers responded to better affordability from falling mortgage rates in December and January,” said NAR Chief Economist Lawrence Yun.

“A lot of sellers who don’t get the price they had hoped for are taking their homes off the market. Many of them have a rock-bottom mortgage rate and figure they can wait to sell,” said Shay Stein, a Redfin real estate agent in the Las Vegas area.

“Mortgage rates inched down again, with the 30-year fixed-rate down nearly a full point from November, when it peaked at just over 7%,” said Sam Khater, Freddie Mac’s Chief Economist.

Mortgage rates will be key in 2023 according to Redfin, which predicts that relatively high rates will likely result in the slowest housing-market year since 2011.