Weary buyers already facing theare now clambering to snag a low rate before any future increases price them out altogether, according to interviews with real estate pros, while the number of refi candidates coming through the door have dwindled as rates soared past 4% for the first time in almost three years.
“The short answer is it’s painful, I won’t lie. Rates have been escalating every single day for basically the last 45 days,” Scott Sheldon, branch manager at New American Funding in California, told Yahoo Money. “It’s not very fun to be a mortgage originator in this environment. You quote one rate one day and it’s something different a few days later.”'Don’t play the rate-float game'
First-time homebuyers face challenging housing conditions. Going into 2022, the number of homes for sale was already near record lows. High demand coupled with rising home prices has also been a financial blow, as bidding wars and all-cash offers saturate an ultra competitive market.“Multiple borrowers have been left out of the home-buying market over the past year, even when well qualified, due to multiple bids and skyrocketing prices,” said Jeffrey Ruben, president of WSFS mortgage.
A sign for a real estate agent is posted in front of a house for sale in Washington, DC, on February 26, 2022.
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