Haven’t bought a house yet? Here’s some cheery news proving you waited too long.
Fixed mortgage rates jumped again this week, with Freddie Mac‘s widely watched survey saying lenders were offering 30-year home loans at an average of 4.58%.
That was up from 4.4% last week and the highest rate Freddie has reported in two years.
Freddie Mac reported Thursday that the average for the 15-year fixed loan, a popular alternative for people refinancing mortgages, was 3.6%, up from 3.44% last week and 2.89% at this time a year ago.
The higher rates have sharply reduced the number of borrowers able to refinance their home loans at lower rates, and with delinquencies and foreclosures also on the wane, big mortgage lenders are cutting back on staffing.
Ruh-roh Raggy. When the banks don’t think they need staff anymore, you know this party isn’t going to end well. Fortunately, this article was reporting from the Southland, which is most definitely not in the Real Bay Area. Everyone knows in the RBA home prices only go up because nobody here needs a mortgage at all.
Bring a suitcase full of cash to your closing or go home.