High mortgage rates send homebuyers scrambling for relief
2 years, 1 month ago

High mortgage rates send homebuyers scrambling for relief

Associated Press  

LOS ANGELES — Mortgage rates are more than double what they were a year ago, so many homebuyers are looking for ways to put off some of the pain for a few years. Mortgage rates’ swift rise follows a sharp increase in the yield on the 10-year Treasury note, which has climbed amid expectations of higher interest rates overall as the Federal Reserve has hiked its short-term rate in a bid to crush the highest inflation in decades. For house hunters still able to afford a home at current elevated mortgage rates, reducing their monthly payments with an adjustable-rate loan for the first few years can help give them financial flexibility. Another approach that’s become popular recently is buying down the interest rate on a fixed-rate 30-year loan for the first two or three years. Buying down the rate on a 30-year mortgage can make monthly payments more manageable -— something both homebuilders and homeowners are offering to entice buyers as the housing market slows.

History of this topic

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7 months, 1 week ago
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10 months, 1 week ago
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10 months, 4 weeks ago
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