(My personal opinion: Similar articles with 5% and 6% instead of 4% in the headline can be there over next two years if not sooner.)
The average rate for a 30-year fixed mortgage has risen for each of the past five weeks and is at the highest level in more than a year, according to government mortgage-buyer Freddie Mac. While that's already put a dent in the refinancing boom that has powered bank earnings this year, for buyers like Braunstein, the message is clear: buy quickly.
"Refinancing depends only on mortgage rates and therefore is very sensitive to changes in rates," said Jed Kolko, chief economist at San Francisco-based Trulia Inc., an online property listing service. When it comes to buying, "some people might want to hurry up and make a purchase, but with inventory so tight they might not be able to move that fast."
Rates for a 30-year home loan rose to 3.91 percent in the week ended today, from 3.81 percent, McLean, Virginia-based Freddie Mac said in a statement. That's up from 3.35 percent at the start of May as the Federal Reserve signaled to bond investors it may scale back the stimulus that had driven borrowing costs to record lows, amid signs of continuing improvement in housing and the U.S. economy. The 15-year rate has increased to 3.03 percent from 2.56 percent at the start of last month.
http://www.bloomberg.com/news/2013-06-06/home-loan-rates-near-4-send-buyers-scurrying-mortgages.html
The average rate for a 30-year fixed mortgage has risen for each of the past five weeks and is at the highest level in more than a year, according to government mortgage-buyer Freddie Mac. While that's already put a dent in the refinancing boom that has powered bank earnings this year, for buyers like Braunstein, the message is clear: buy quickly.
"Refinancing depends only on mortgage rates and therefore is very sensitive to changes in rates," said Jed Kolko, chief economist at San Francisco-based Trulia Inc., an online property listing service. When it comes to buying, "some people might want to hurry up and make a purchase, but with inventory so tight they might not be able to move that fast."
Rates for a 30-year home loan rose to 3.91 percent in the week ended today, from 3.81 percent, McLean, Virginia-based Freddie Mac said in a statement. That's up from 3.35 percent at the start of May as the Federal Reserve signaled to bond investors it may scale back the stimulus that had driven borrowing costs to record lows, amid signs of continuing improvement in housing and the U.S. economy. The 15-year rate has increased to 3.03 percent from 2.56 percent at the start of last month.
http://www.bloomberg.com/news/2013-06-06/home-loan-rates-near-4-send-buyers-scurrying-mortgages.html
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