Mortgage Rates are Rising
The spring homebuying season is traditionally the busiest time of the year for real estate, but this year, a familiar foe is keeping the market tepid: inflation.
According to Bankrate’s latest national survey of lenders, the average rate for a 30-year fixed home loan ticked up to 6.46%, up from 6.43% the previous week. Rates on 15-year loans and jumbo mortgages followed a similar upward trajectory.
If you are trying to buy a home right now, here is a breakdown of what is driving this latest spike and how it impacts your plans.
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