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The 30-year fixed-rate mortgage averaged 5.10% this week, down from last week’s 5.25% average.
Some buyers are being drawn to adjustable-rate mortgages for potential savings up against rising rates, but those savings do come with risks.
Amid market uncertainty, buyers focus on lower initial rates.
Shopping around for a mortgage before you buy can help save tens of thousands of dollars over the lifetime of your loan, says LendingTree.
With rising home prices, home buyers are bringing higher down payments to make their offers more attractive to sellers.
The monthly mortgage payment has increased by about $520 since the first week of January.
Record levels of home equity are providing financial security to millions of households.
The rapid rise in mortgage rates is prompting more buyers to seek out adjustable-rate mortgages for lower initial costs.
After a pause last week, the 30-year fixed rate jumped to 5.29%.
This marks the largest increase in the Fed’s rate in more than two decades.
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