Mortgage rates continue to rise, with the biggest jump in short-term rates.
Freddie Mac''s weekly report says 30-year fixed-rate mortgages averaged 6.37 percent, up from 6.24 percent a week ago and the highest 30-year mortgages have been in more than three years.
One-year adjustable rate mortgages rose to 5.45 percent, the highest since late 2001.
"Financial markets are beginning to think that the Fed will hike rates three more times this year, instead of two, putting upward pressure on mortgage rates," said Freddie Mac (NYSE: FRE) chief economist Frank Nothaft. "Although the signs are mixed, the housing industry is now beginning to shift into slower gear, and higher mortgage rates will only strengthen that change, [but] we see no signs of a bursting bubble."
Higher rates and prices that continue to rise, although more slowly, are expected to lead to the first decline in existing home sales in five years, according to the National Association of Realtors.
Another Florida Key Real Estate news bit from www.flkeysforsale.com
|
|
