Overview
- Mortgage rates for new purchases and refinancing have seen substantial increases, with some rates reaching the highest levels in months.
- The rise in rates follows higher-than-expected inflation figures, prompting concerns about the cost of borrowing.
- Homebuyers face a dilemma: buy now with higher rates or wait in hopes of a decrease, which could lead to increased competition and prices.
- Economists predict that mortgage rates may stabilize later this year, but this depends on the Federal Reserve's actions regarding interest rates.
- The housing market remains tight with low inventory, influencing both the pricing and availability of homes.