Mortgage Rates Spike Could Upend Housing Market

The recent rise of the average long-term U.S. mortgage rate, which poses a new obstacle to aspiring homeowners hoping to purchase a property during this homebuying season, could have dramatic consequences on the country's housing market.The national weekly average for 30-year mortgages, the most popular in the nation, was 6.88 percent as of April 11, according to data from the Federal Home Loan Mortgage Corp., better known as Freddie Mac. That was 0.

82 percent, was more than double pandemic-era lows.There's not much hope that mortgage rates will come down soon, as the U.S. Labor Department said last week that inflation has risen faster than expected last month, at 3.5 percent over the 12 months to March. That was up from 3.2 percent in February.

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Mortgage Rates Expected to Decrease, but Market Developments Could Limit Benefits for HomebuyersMortgage rates are predicted to decrease later this year, but the impact on homebuyers may be limited due to developments in the mortgage-backed securities market. Uncertainty about inflation and mortgage rates has led to higher yields for mortgage-backed securities compared to government bonds. Mortgage-backed securities are investments composed of home loans that pay interest to investors.
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