Some in the real estate industry predict that the hot housing market will lose some steam
Watch for “overvalued” housing markets as house price growth begins to slow, says CoreLogic
Last week, the average fixed-rate mortgage for 30 years reached 4.67% – up from 3.11% in December. This is a bigger issue than it may seem at first. If a borrower took out a $ 400,000 mortgage at 3.11%, he would have owed $ 1,710 a month during the 30-year loan. At a 4.67% mortgage rate, this monthly payment rises to $ 2,067.
Not only are mortgage rates higher for homebuyers, it also means that some borrowers – who have to meet a strict debt-to-income ratio of lenders – will lose their mortgage eligibility.
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