Mortgage rates just hit a 12-year high

[txwallflower]

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

[NRB525]

This should start having an impact on house prices. 

[Anonymalous]

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@NRB525 wrote:

This should start having an impact on house prices. 

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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.

[TryItAgain]

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 

[CreditCuriosity]

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