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Mortgage rates just hit a 12-year high

txwallflower
Established Member

Mortgage rates just hit a 12-year high

The 30-year fixed-rate mortgage averaged 5.11% in the week ending April 21, up from 5% the week before, according to Freddie Mac. It is the seventh consecutive week of increases and is significantly higher than the 2.97% average this time last year.

 

The last time rates reached this level was in April 2010 when they hit 5.21%, according to Freddie Mac.

 

https://www.cnn.com/2022/04/21/homes/us-mortgage-rates-april-21/index.html

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4 REPLIES 4
NRB525
Super Contributor

Re: Mortgage rates just hit a 12-year high

This should start having an impact on house prices. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 2 of 5
Anonymalous
Established Contributor

Re: Mortgage rates just hit a 12-year high


@NRB525 wrote:

This should start having an impact on house prices. 


The rise in interest rates means the house you can afford just got a lot smaller. Combined with the rise in prices we've seen over the last year, most owners are going to wait for things to get more affordable. Low stock will then cause housing prices to rise, and it'll be particularly bad for renters, because they don't have fixed rates like many with mortgages. The only real way to alleviate this is more housing, but with the Great Walkout, general logistical issues, and pipeline issues in the construction industry in specific, it's going to take a long time. Liberalizing zoning laws could help.

Message 3 of 5
TryItAgain
Contributor

Re: Mortgage rates just hit a 12-year high

I'm sick to my stomach. Awaiting my 8-10 month new build purchased 1st week of March 2022.

 

By time things ready I likely will have endured 5 rate hikes Smiley Mad

 

Message 4 of 5
CreditCuriosity
Moderator Emeritus

Re: Mortgage rates just hit a 12-year high

about to close on my new construction.  thankfully i saw the writing on the wall and did 90 extended lock no cost up front at 3.75 in early march.  i will have to pay a few k to extend it until my move in towards end of june, but gladly do that over current rate of 5.15-5.5 depending on factors.  If it would of been done on time i would of had 2.5-2.75%.. yes i am salty about that with my builders

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