Mortgage rates climbed to more than 6% last week for the first time since 2008, a moment in time when the housing market crashed.
Federal mortgage lender, Freddie Mac, reported Thursday that the 30-year rate rose to 6.02%, up from 5.89% the previous week."My biggest concern was the interest rates," said Van Emmerik."I think I got in around a five and a quarter."
Dejan Eskic, a senior research fellow with the Kem C. Gardner Policy Institute says the rate hike means Utah is going to see a little bit of slowing of activity. He says it also signals that home prices have peaked and a decrease in prices has begun. "All of a sudden, the buyer pool has shrunk; and so for those selling their houses, we're seeing them sit on the market a lot longer, but also those that want to buy a home, they're kind of at the mercy of the wild swinging rates each week," said Eskic."I think more of the same what we're seeing now until something changes with the interest rates were not going to see much change for the foreseeable future," said Eskic.
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