{"id":52122,"date":"2016-07-28T13:22:57","date_gmt":"2016-07-28T20:22:57","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=52122"},"modified":"2020-10-06T17:08:14","modified_gmt":"2020-10-07T00:08:14","slug":"mortgage-rates-theyre-up-and-some-homebuyers-and-sellers-are-uneasy","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-theyre-up-and-some-homebuyers-and-sellers-are-uneasy\/","title":{"rendered":"Mortgage Rates: They're Up And Some Homebuyers And Sellers Are Uneasy"},"content":{"rendered":"

Mortgage rates rose for the third week, averaging 3.48 percent for a 30-year, fixed-rate loan, up from 3.45 percent the week before. <\/span>
\nA year ago, rates averaged 3.98 percent, according to <\/span>Freddie Mac<\/span><\/a>\u2019s weekly survey. <\/span>
\nRates have held below 4 percent since December. That\u2019s 30 weeks, the second-longest run of cheap borrowing ever. The record was set from March 2012 to June 2013, when the cost of a 30-year loan held below 4 percent for 65 weeks, hitting a historic low of 3.31 percent in November 2012.<\/p>\n

\"mortgage
Source: Freddie Mac<\/figcaption><\/figure>\n

Would-be buyers are still sidelined<\/strong><\/h3>\n

That epic run of cheap borrowing hasn’t been enough to lure new buyers into the market this year, however. Homeownership in the U.S. fell to a 51-year low this spring, the Census Bureau reported today.\u00a0The share of Americans who own their homes was 62.9 percent, the lowest since 1965 and the second-straight quarterly decrease, down from 63.5 percent at the beginning of this\u00a0year.
\nLow rates also haven’t been enough to offset rising home prices<\/a> in many markets. Wage growth has been sluggish. And eight years after the collapse, loans are still too hard or impossible to get for many middle-class workers.<\/p>\n

Are millennials spooked?<\/strong><\/h3>\n

Peak millennials<\/span><\/a> — the biggest cohort of their generation — turned 25 last year and soon will be starting families and buying homes. They\u2019ve barely seen interest rates higher than 4 percent, but they\u2019re particularly sensitive to fluctuations that might make buying more expensive.<\/span>
\nA Redfin\u00a0<\/span>survey<\/a>\u00a0in May found that<\/span>\u00a047 percent of homebuyers said they\u2019d look for a less expensive house if rates rose by a point or more. Among respondents 34 and younger, though, that number jumped, with more than half saying they’d scale back on price. Five percent of millennials said they\u2019d give up looking for a house altogether if rates rose significantly.<\/span>
\nSellers, too, have interest rates on their minds. In a Redfin survey<\/a>\u00a0this month, nearly 65 percent of sellers said borrowing costs were important or very important in their decision to put a house on the market.<\/span>
\n\u201cIf I decide to sell, I’ll need to buy as well and the rates will factor in that decision,\u201d said a millennial homeowner in Chicago. Others worried that\u00a0rising rates could discourage buyers.<\/span>
\nYesterday, policymakers at the Federal Reserve gave an upbeat assessment<\/a> of the economy, opening\u00a0the door to a central bank interest rate hike later this year. The Fed doesn’t control the cost of mortgages, but as the economy improves, interest rates on home loans could go up.
\nFortunately mortgages\u00a0are still cheap by any standard and any significant cost increase will be gradual.\u00a0 <\/span><\/p>\n

\"mortgage
Source: Freddie Mac<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Rates are low, but millennials are spooked. <\/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-52122","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":"\nMortgage Rates: They're Up And Some Homebuyers And Sellers Are Uneasy - 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