{"id":51896,"date":"2016-07-21T08:59:59","date_gmt":"2016-07-21T15:59:59","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=51896"},"modified":"2020-10-06T17:08:15","modified_gmt":"2020-10-07T00:08:15","slug":"mortgage-rates-going-up-but-summer-home-sales-stay-hot","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-going-up-but-summer-home-sales-stay-hot\/","title":{"rendered":"Mortgage Rates: Going Up, But Summer Home Sales Stay Hot"},"content":{"rendered":"<p>Mortgage rates rose for the second week, averaging 3.45 percent for a 30-year, fixed-rate loan, up from 3.42 percent the week before. A year ago, rates averaged 4.04 percent, according to <a href=\"http:\/\/www.freddiemac.com\/pmms\/\" target=\"_blank\" rel=\"noopener noreferrer\">Freddie Mac<\/a>\u2019s weekly survey.<br \/>\nDespite the uptick, rates have held below 4 percent since December, tying a 29-week run of cheap borrowing we had from November 2014 to June 2015.<br \/>\nDuring that sprint, the cost of a 30-year loan averaged 3.77 percent. This time, it\u2019s held to 3.64 percent.<\/p>\n<figure id=\"media-51897\" class=\"align-center\"><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/07\/rates-2016Jul21.png\" alt=\"mortgage rates\" \/><figcaption>Source: Freddie Mac<\/figcaption><\/figure>\n<h3><strong>What&#8217;s going on?<\/strong><\/h3>\n<p>Mortgages got dramatically cheaper after Britain voted to exit the European Union last month. The <a href=\"https:\/\/redfin.com\/blog\/2016\/06\/boom-brexit-hits-home-heres-what-you-need-to-know.html?utm_source=blog&amp;utm_medium=post&amp;utm_content=real_estate&amp;utm_campaign=1002170\" target=\"_blank\" rel=\"noopener noreferrer\">Brexit<\/a> brouhaha has since calmed down and Treasury bonds, which signal the direction of mortgage rates, have bounced from a 227-year-low.<br \/>\nHome loans are still cheap by any standard, though.\u00a0That\u2019s good news particularly for young and first-time buyers, who tend to be more sensitive to cost.<br \/>\nIn a Redfin\u00a0<a href=\"https:\/\/redfin.com\/blog\/2016\/05\/homebuyers-worry-about-cost-and-competition.html?utm_source=blog&amp;utm_medium=post&amp;utm_content=real_estate&amp;utm_campaign=1002170\" target=\"_blank\" rel=\"noopener noreferrer\">survey<\/a>, 47 percent of buyers said they\u2019d look for a less expensive house if rates rose by a point or more. Among respondents 34 and younger, more than half said they\u2019d shop for something cheaper. Five percent of millennials said they\u2019d give up looking altogether.<br \/>\nRates are lower now than they were in May, when the survey was taken. That\u2019s one reason June was one of the <a href=\"https:\/\/redfin.com\/blog\/2016\/07\/june-housing-market-was-the-fastest-and-most-competitive-on-record.html?utm_source=blog&amp;utm_medium=post&amp;utm_content=real_estate&amp;utm_campaign=1002170\" target=\"_blank\" rel=\"noopener noreferrer\">most competitive<\/a> months on record for home sales, according to <a href=\"https:\/\/redfin.com\/blog?utm_source=blog&amp;utm_medium=post&amp;utm_content=real_estate&amp;utm_campaign=1002170\" target=\"_blank\" rel=\"noopener noreferrer\">Redfin<\/a> data.<br \/>\nMortgage rates will tick up and down week to week, but they\u2019ll stay low for the foreseeable future.<br \/>\n\u201cWe don&#8217;t expect any significant movement in mortgage rates in the near term,\u201d Freddie Mac chief economist Sean Becketti said. \u201cThis summer remains an auspicious time to buy a home or to refinance an existing mortgage.&#8221;<\/p>\n<figure id=\"media-51898\" class=\"align-center\"><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/07\/rates-historic-2016Jul21.png\" alt=\"mortgage rates\" \/><figcaption>Source: Freddie Mac<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>June was one of the most competitive months on record for home sales, according to Redfin data. <\/p>\n","protected":false},"author":13355,"featured_media":49290,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74],"coauthors":[],"class_list":["post-51896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - 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