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#TIMEtoBUY Mortgage Rates Jump to 7-Year High, Weaker Housing Market To Follow?
Your home is probably the biggest asset you own. This is why you should hire a professional to guide you through all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sell a home. I am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve.....
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Weekly Mortgage Rate Update
The 30-year fixed-rate mortgage hasn’t averaged this high since 2011, as it inches closer to the 5 percent threshold.
“Rising rates paired with high and escalating home prices is putting downward pressure on purchase demand,” says Sam Khater, Freddie Mac’s chief economist. “While the monthly payment remains affordable due to the still low mortgage rate environment, the primary hurdle for many borrowers today is the down payment and that is the reason home sales have decreased in many high-priced markets.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 11:
30-year fixed-rate mortgages: averaged 4.90 percent, with an average 0.5 point, rising from last week’s 4.71 percent average. Last year at this time, 30-year ... more
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