{"id":20273,"date":"2022-04-07T12:27:18","date_gmt":"2022-04-07T12:27:18","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=20273"},"modified":"2022-04-07T12:27:20","modified_gmt":"2022-04-07T12:27:20","slug":"5-mortgage-rates-on-the-horizon","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/5-mortgage-rates-on-the-horizon\/","title":{"rendered":"5% Mortgage Rates on the Horizon"},"content":{"rendered":"\n

5% Mortgage Rates on the Horizon<\/p>\n\n\n\n

Mortgage rates have been rising quickly over the past month. A year ago, the 30-year fixed-rate mortgage was 3.18%. Last week, it averaged 4.67%, according to Freddie Mac<\/a>.<\/p>\n\n\n\n

Mortgage rates surged more than 90 basis points in March alone. And 5% mortgage rates may be here sooner than many housing analysts had originally predicted.<\/p>\n\n\n\n

Several leading housing economists recently told MarketWatch that 30-year fixed rates may hit 5% within the next month, while others believe that landmark will come later this year.<\/p>\n\n\n\n

\u201cEven if rates slow their recent pace of increase, they\u2019re likely to hit 5% by mid-year unless something big changes in the outlook,\u201d Danielle Hale, realtor.com\u00ae\u2019s chief economist, told MarketWatch.<\/p>\n\n\n\n

Jeff Ostrowski, an analyst at Bankrate, told MarketWatch he believes 5% rates will arrive even sooner\u2014sometime this spring.<\/p>\n\n\n\n

Lawrence Yun, chief economist of the National Association of REALTORS\u00ae, says he believes the higher mortgage rates will cool the market somewhat in the coming months. \u201cAt a 5% rate, home sales this year may even fall by 10%,\u201d he says.<\/p>\n\n\n\n

But Hale is optimistic that buyer demand will remain strong. \u201cWe have a large generation of younger households, more than 45 million of whom are in prime household formation and home buying years of 26 to 35,\u201d she told MarketWatch. \u201cAnd while the monthly costs of buying are higher, the monthly costs of renting are also up, more than 17% in the last year. \u2026 Rising rents and higher costs of home buying have younger households hoping to move, stuck between a rock and a hard place.\u201d<\/p>\n\n\n\n

And even as mortgage rates climb, Yun does not expect home prices to turn negative. \u201cHome prices are on firmer ground, even if mortgage rates rise to 6%, since the rents are rising strongly,\u201d he told MarketWatch. Source:\u00a0\u201c\u2018Inevitable,\u2019 in the Very Near Future.\u2019 4 Economists and Real Estate Pros on Exactly When Mortgage Rates Will Hit 5%<\/a>,\u201d MarketWatch (April 4, 2022)<\/p>\n\n\n\n

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

5% Mortgage Rates on the Horizon Mortgage rates have been rising quickly over the past month. A year ago, the 30-year fixed-rate mortgage was 3.18%. Last week, it averaged 4.67%, according to Freddie Mac. Mortgage rates surged more than 90 basis points in March alone. And 5% mortgage rates may be here sooner than many … <\/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-20273","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":"\n5% Mortgage Rates on the Horizon - 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\/5-mortgage-rates-on-the-horizon\/\" \/>\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\\\/5-mortgage-rates-on-the-horizon\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/5-mortgage-rates-on-the-horizon\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"5% Mortgage Rates on the Horizon\",\"datePublished\":\"2022-04-07T12:27:18+00:00\",\"dateModified\":\"2022-04-07T12:27:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/5-mortgage-rates-on-the-horizon\\\/\"},\"wordCount\":323,\"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\\\/5-mortgage-rates-on-the-horizon\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/5-mortgage-rates-on-the-horizon\\\/\",\"name\":\"5% Mortgage Rates on the Horizon - 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