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erienewsnow.com 13 Jan, 2022 20:00 am

Mortgage rates are highest since March 2020 - Erie News Now

Mortgage rates are highest since March 2020 - Erie News Now
By Anna Bahney, CNN Business

By Anna Bahney, CNN Business In the second big jump of 2022, mortgage rates again rose to a high not seen since the start of the pandemic."Mortgage rates rose across all mortgage loan types, with the 30-year fixed-rate mortgage increasing by almost a quarter of a percent from last week," said Sam Khater, Freddie Mac's chief economist."The rise in mortgage rates so far this year has not yet affected purchase demand, but given the fast pace of home price growth, it will likely dampen demand in the near future.But rising mortgage rates together with near record low inventory and higher home prices may push some buyers out of the market.

"The mild impact of the Omicron wave, despite the high number of cases, points toward a brighter post-pandemic horizon, a sentiment which underpins a more bullish outlook on the economy," said Ratiu.At today's rate, buyers of a median-priced home are paying about $219 more per month than a year ago, adding over $2,600 to their yearly housing costs, Ratiu said.

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