Last week, falling mortgage rates spiked demand for home loans. But with rates on the rise again, will that trend continue? Mortgage rates fluctuate daily based on a combination of economic conditions (including employment patterns), the bond market, monetary policy and competition between mortgage lenders.
That said, mortgage rates were destined to be rocky again. Over the last seven days, they followed a split path. While average 15-year fixed mortgage rates and the average rate for 5/1 adjustable-rate mortgages trailed off, the closely followed 30-year fixed rate is on the rise again.
Prospective homebuyers are still facing the worst affordability in nearly four decades, a result of elevated mortgage rates, low for-sale inventory and expensive home prices. To purchase a median-priced home with a 20% down payment, a borrower with a 30-year fixed-rate mortgage at 7.79% would be on the hook for a $2,567 monthly payment, and that’s before taxes, insurance and fees, according to Black Knight’s November mortgage data report. That average monthly mortgage payment is up by 94% over the past two years.
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