This week, mortgage rates are going up, ending a trend of falling rates that lasted for more than a month.
The typical rate on a 30-year fixed-rate contract expanded to 6.39%, as indicated by Freddie Macintosh. Compared to a week ago, that represents a 0.12 percentage point change. The rise ends a five-week downward trend in rates.
Short-term loan rates also increased this week. The 15-year fixed-rate mortgage has increased by 0.22 percentage points to 5.76 percent on average.
Home prices see the largest annual decline in March
Last month, buyers who were waiting for home prices to rise received some good news.
The middle home deals cost diminished by over 3% in Spring, dropping down to $400,528 as per a report from financier Redfin. That is the largest price decline over the past year since 2012.