Mortgage rates climbed sharply on Friday, reaching levels not seen in approximately three years. This represents the most significant jump in four years for the widely followed 30-year fixed rate, delivering a new obstacle to the housing market, which has been sluggish for some time.
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I told my friends to lock in rates last year. Now they are crying about affordability. You cannot time the market perfectly.
Does anyone know if this volatility is expected to stabilize soon, or are we looking at a prolonged downturn?
Supply and demand. Low inventory keeps prices high despite rising rates. The market is confused right now.
Are they really hitting four-year highs? I feel like rates have been climbing for way longer than that.
This is devastating for first-time buyers. I gave up on homeownership three months ago because of these rates.