U.S. Mortgage Markets Heat Up As Interest Rates and Prices Rise
By SCOTT KIMBLER Potential homebuyers are rushing to mortgage offices to make sure they get a loan before prices and interest rates go even higher. Mortgage rates jumped again to an average of 4.67%, up from last week’s 4.42%, Freddie Mac reported Thursday. At the same time, the spring selling season is looking promising for sellers. Home prices rose 1.84% in February and 19.6% year-over-year – the largest annual gains on record – according to Black Knight’s Monthly Mortgage Monitor Report. These numbers, along with an awkward supply and demand situation, are pushing some buyers who are in a position to do so to go ahead with their home purchase now. Jerry Stover, sales manager with Homeowners Financial, said this has been…