National Mortgage News
The ongoing rise in average mortgage rates is a key affordability issue for prospective homebuyers. As mortgage rates get closer to 5%, many consumers are rethinking their approach to buying a home, according to Redfin.
Mortgage rates reached 4% in late 2017, and made their way past 4.5% just this month. Industry projections all point to similar patterns for the remainder of 2018, with interest rates expected to reach 5% by the end of the year.
To be sure, mortgage rates are certainly rising, but they’re still near historic lows. And while both homebuyers and mortgage professionals may be concerned about the rising cost to buy a home, a tight supply of inventory for sale still remains the toughest challenge for the housing market.
