{"id":23539,"date":"2024-04-26T15:33:33","date_gmt":"2024-04-26T15:33:33","guid":{"rendered":"https:\/\/www.anthonydidonato.net\/wordpress\/?p=23539"},"modified":"2024-04-26T15:33:35","modified_gmt":"2024-04-26T15:33:35","slug":"buyers-hope-to-secure-mortgage-rates","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/buyers-hope-to-secure-mortgage-rates\/","title":{"rendered":"Buyers Hope to Secure Mortgage Rates"},"content":{"rendered":"\n

Mortgage rates are quickly rising and home buyers are trying to snatch up low rates before further increases. Rate lock activity jumped in March as the average 30-year fixed-rate mortgage neared 5%<\/a>, according to Black Knight\u2019s March Originations Market Monitor.<\/p>\n\n\n\n

\u201cDespite seeing the fastest one-month rise in rates in nearly 13 years, we saw purchase lock volumes increase by 31% from February\u2014likely as prospective buyers moved to lock in their loans before rates climbed any higher,\u201d says Scott Happ, Black Knight secondary marketing technologies president.<\/p>\n\n\n\n

The higher rates are chipping away at affordability. LendingTree offers the following example: A 30-year fixed-rate mortgage loan worth $300,000 would have cost a buyer about $1,283 a month with the average rate on Dec. 30, 2021, of 3.11%. But at a recent average rate of 4.67%, that monthly cost jumps to $1,551, an increase of $268 a month, $3,216 a year, and $96,480 over the lifeof the loan.<\/p>\n\n\n\n

By the end of March, the 30-year fixed-rate mortgage rose 70 basis points to 4.79%, the highest level in more than three years, according to the Optimal Blue Mortgage Market\u2019s index and its daily rate tracker.<\/p>\n\n\n\n

As rates rose, the average loan increased by more than 23% to slightly under $361,000 in March compared to February, according to data from CoreLogic.<\/p>\n\n\n\n

While rate locks are most commonly for 30 days, buyers can lock rates for 45 days or more. But buyers often must pay for a rate lock and will pay more for a longer hold.<\/p>\n\n\n\n

Some buyers also are looking at buying down their interest rate by paying points to get a more attractive rate. Lenders may offer an option to pay a lump sum up front to lower the interest rate over the life of a loan. One discount point, in general, costs 1% of the total mortgage and could lower the interest rate by about 0.25%. Purchasing points could save tens of thousands or even hundreds of thousands of dollars over the life of a loan, lenders say, for buyers nervous about rising rates.<\/p>\n\n\n\n

\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage rates are quickly rising and home buyers are trying to snatch up low rates before further increases. Rate lock activity jumped in March as the average 30-year fixed-rate mortgage neared 5%, according to Black Knight\u2019s March Originations Market Monitor. \u201cDespite seeing the fastest one-month rise in rates in nearly 13 years, we saw purchase … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-23539","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nBuyers Hope to Secure Mortgage Rates - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/buyers-hope-to-secure-mortgage-rates\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-hope-to-secure-mortgage-rates\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-hope-to-secure-mortgage-rates\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Buyers Hope to Secure Mortgage Rates\",\"datePublished\":\"2024-04-26T15:33:33+00:00\",\"dateModified\":\"2024-04-26T15:33:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-hope-to-secure-mortgage-rates\\\/\"},\"wordCount\":336,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-hope-to-secure-mortgage-rates\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-hope-to-secure-mortgage-rates\\\/\",\"name\":\"Buyers Hope to Secure Mortgage Rates - 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