Mortgage rates jump back up to January high, as coronavirus fears put chill on spring housing market
Daniel Acker | Bloomberg | Getty Images
After falling to a record low just two weeks ago, mortgage rates are surging higher again. This as real estate agents try to deal with a new normal in what was supposed to be a busy spring housing market.
The average rate on the 30-year fixed fell to 3.13% on March 2nd, the lowest ever recorded by Mortgage News Daily. That rate is now back up around 3.65%, as yields on mortgage bonds rise and lenders keep rates higher as a way to handle overwhelming refinance demand.
Applications to refinance a home loan jumped 79% last week compared with the previous week, according to the Mortgage Bankers Association. Applications for home purchase loans were up just 6% for the week.
The jump in rates comes just as real estate agents in some parts of the country …continued .
[Source: CNBC News]