{"id":23693,"date":"2024-06-07T13:51:01","date_gmt":"2024-06-07T13:51:01","guid":{"rendered":"https:\/\/www.anthonydidonato.net\/wordpress\/?p=23693"},"modified":"2024-06-07T13:51:03","modified_gmt":"2024-06-07T13:51:03","slug":"30-year-mortgage-rate-surge","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/30-year-mortgage-rate-surge\/","title":{"rendered":"30-Year Mortgage Rate Surge"},"content":{"rendered":"\n

Mortgage rates continue to rise and are nearly a full percentage point higher than a year ago. House hunters should brace themselves for rates near 4% before the end of the year, economists say. \u201cThe normalization of the economy continues as mortgage rates jumped to the highest level since the emergence of the pandemic,\u201d says Sam Khater, Freddie Mac\u2019s chief economist. \u201cRate increases are expected to continue due to a strong labor market and high inflation, which likely will have an adverse impact on homebuyer demand.\u201d<\/p>\n\n\n\n

Rising rates, however, are depressing housing affordability, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS\u00ae, writes on the association\u2019s blog. The interest rate on a mortgage has a direct impact on the size of the mortgage payment. Nearly 4 million households will likely be affected by rising rates in 2022, she notes.<\/p>\n\n\n\n

Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 10:<\/p>\n\n\n\n