Major Jump In Mortgage Rates Hasn't Hurt Home Sales-Yet
The recent surge in mortgage rates hasn't put a crimp in the housing recovery so far, but some economists think it could if rates head much higher.
The 30-year fixed rate jumped to an average 5.32 percent this week, up from 4.91 percent the previous week, according to Freddie Mac. Refinancings are already down sharply due to the higher rates, but home purchases continue to recover slowly.
In fact, the rise in mortgage rates in recent weeks is causing some homebuyers to jump now before rates head any higher.
Labels: housing, market, mortgage rates, real estate, refinance