Mar 29

Mortgage Rates Surge to 4.42%

Mortgage Rates Surge to 4.42%

Elevated inflation and the Federal Reserve’s monetary tightening policy drove the latest leap in mortgage rates this week. Since the beginning of this year, mortgage rates have jumped by 1.2%. The typical home buyer would need to spend $250 more every month to be able to purchase a home, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes on the association’s blog.

The 30-year fixed-rate mortgage moved up to a 4.42% average this week, more than a quarter of a percentage point compared to last week, Freddie Mac reports in its latest mortgage market survey. Rates continued to rise across loan types. “Rising inflation, escalating geopolitical uncertainty, and the Federal Reserve’s actions are driving rates higher and weakening consumers’ purchasing power,” says Sam Khater, Freddie Mac’s chief economist. “In short, the rise in mortgage rates, combined with continued house price appreciation, is increasing monthly mortgage payments and quickly affecting home buyers’ ability to keep up with the market.”

Freddie Mac reports the following national averages with mortgage rates for the week ending March 24:

  • 30-year fixed-rate mortgages: averaged 4.42%, with an average 0.8 point, rising from last week’s 4.16% average. Last year at this time, 30-year rates averaged 3.17%.
  • 15-year fixed-rate mortgages: averaged 3.63%, with an average 0.8 point, increasing from last week’s 3.39% average. A year ago, 15-year rates averaged 2.45%.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.36%, with an average 0.3 point, increasing from last week’s 3.19% average. A year ago, 5-year ARMs averaged 2.84%.

Freddie Mac reports average commitment rates along with average points to better reflect the total upfront cost of obtaining a mortgage. Source: Freddie Mac and “Instant Reaction: Mortgage Rates, March 24, 2022,” National Association of REALTORS® Economists’ Outlook blog (March 24, 2022)

©National Association of REALTORS®
Reprinted with permission

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.