Mortgage rates expected to rise to 5.3 percent in 2014 Sep 17, 2013 The recent spike in mortgage rates has begun to take a toll on the housing recovery, with purchase loan applications, pending home sales and new-home sales recently falling, according to Fannie Mae’s latest Economic and Housing Outlook report. Fannie Mae forecasts that the yield on the 30-year-fixed-rate mortgage should rise to about 5.3 percent by the end of 2013. “Affordability, while remaining historically high, is becoming an issue for some potential homebuyers, especially first-time homebuyers, who are no longer able to qualify as mortgage rates spiked amid continued rising home prices and anemic income growth,” Fannie Mae said. “The affordability index for first-time homebuyers fell sharply in the second quarter and will likely post another sizable drop in the current quarter.” - See more at: inman/wire/mortgage-rates-expected-to-rise-to-5-3-percent-in-2014/#sthash.DOCmuEtB.dpuf
Posted on: Tue, 17 Sep 2013 20:30:36 +0000
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