Historically low mortgage rates have been the spoonful of sugar helping buyers swallow steep home prices, bidding wars and scant affordable housing this year. Then, in a fever pitch, rates jumped after the election — and the latest from the Mortgage Bankers Association tell us the 30-year FRM spiked to 3.95 percent, from 3.77 percent. Some agents are seeing consumers to reacting with a since of urgency in the immediate aftermath.
- The average 30-year fixed-rate mortgage (FRM) spiked to 3.95 percent, from 3.77 percent, according to the Mortgage Bankers Association.
- This is still lower the 30-year FRM of 3.97 percent recorded last year at this time.
- Economists say the anticipation of Trump's pledged spending plans and tax cuts have investors anticipating some inflation and a dose of adrenaline to the economy -- and therefore there's been some market volatility.
- Some real estate agents are seeing consumers reacting to the increases with a sense of urgency by locking in rates and resuming negotiations.
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Inman Connect New York | January 29 - February 1, 2019