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Interest Rates Affect the Housing Market

The report about loan rates isn't excellent nowadays. Inflation has caused the Federal Reserve raise loan rates to attempt to slow inflation.

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Making the expense of acquiring cash increase which  includes mortgage advances for prospective homebuyers.

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The rate on a 30-year fixed-cost mortgage jumped to 5.78% on June 16, up from 5.23% the prior week, Freddie Mac reported. It was the biggest one-week jump since 1987. 

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Higher rates mean higher monthly mortgage payments, which result in less buying power for home shoppers.

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Prospective homebuyers today will not be able to afford as large a mortgage as they would have just a few months ago Richard B. Whitman.

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The vice president of Texas Mortgage Lending, LLC, which is the mortgage servicer for Credit Union of Texas.

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As startling as the rate increases can be to buyers, it’s part of the up-&-down of mortgage interest rates.

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And if you’re serious about buying, now is the time to act, experts say.

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