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Mortgage rates inch down, but remain too high for some homebuyers
Yahoo Money
Mortgage rates inch down, but remain too high for some homebuyers
Gabriella Cruz-Martinez · Personal finance writer
Thu, June 2, 2022, 12:27 PM · 4 min read
Mortgage rates fell again this week for the third straight time, but sky-high home prices continue to keep price-conscious buyers at bay.
The rate on the 30-year fixed rate mortgage edged down to 5.09% from 5.10% last week, according to Freddie Mac. Still, rates remain almost 2 percentage points higher than the end of last year.
Despite the pullback, declining affordability and a continued shortage of properties are casting many first-time buyers out of the market. Buyers who haven’t been put off by rising borrowing costs are locking rates as fast as they can, while homeowners are holding tight to their ultra-low rates, shelving refinance plans for another day.
“The changes we’ve been seeing in a downward direction are very minimal,” Jason Sharon, owner and mortgage broker at Home Loans Inc., told Yahoo Money. “You’re talking about maybe a $1 month difference, so it’s not a big deal and may not sway buyers right now.”
{snip}
Mortgage rates inch down, but remain too high for some homebuyers
Gabriella Cruz-Martinez · Personal finance writer
Thu, June 2, 2022, 12:27 PM · 4 min read
Mortgage rates fell again this week for the third straight time, but sky-high home prices continue to keep price-conscious buyers at bay.
The rate on the 30-year fixed rate mortgage edged down to 5.09% from 5.10% last week, according to Freddie Mac. Still, rates remain almost 2 percentage points higher than the end of last year.
Despite the pullback, declining affordability and a continued shortage of properties are casting many first-time buyers out of the market. Buyers who haven’t been put off by rising borrowing costs are locking rates as fast as they can, while homeowners are holding tight to their ultra-low rates, shelving refinance plans for another day.
“The changes we’ve been seeing in a downward direction are very minimal,” Jason Sharon, owner and mortgage broker at Home Loans Inc., told Yahoo Money. “You’re talking about maybe a $1 month difference, so it’s not a big deal and may not sway buyers right now.”
{snip}
