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Mortgage Rates 03-28-2018 Lender411

By Chantelle Stein Updated on 3/28/2018

The rise in Interest rates is not keeping Americans from refinancing and purchasing. Refinance applications were up 7.3% the week of March 19th from the previous week. Purchase applications are up 8.2% based on the year previous; purchase volume increased 3.1% from last week.

In a Redfin survey last month, it was noted that even if rates higher than 5%, only 6% of prospective homebuyers would walk away from their plans to buy a home. Chief economist for Redfin, Nela Richardson shares "The bigger impact on the market has been the extreme shortage of homes for sales, particularly in desirable metro areas. February saw an 11.4% decline in the overall number of homes for sale, marking the 29th consecutive month of year-over-year supply declines. Because of the lack of inventory, home prices are growing at the fastest rate we've seen in four years. It's low inventory, not slightly higher mortgage rates, that is affecting buyers the most in 2018."

 

Bookmark this page for mortgage rates: 

 

• 30-year (FRM) rates at 4.52% (-0.04%)

• 15-year (FRM) rates at 3.90% (-0.02%)

• FHA 30-year Fixed rates at 4.30% (-0.05%)

• Jumbo 30-year Fixed rates at 4.55% (-0.03%)

• 5/1 ARM rates at 3.62% (-0.04%)

About The Author:
Chantelle Stein
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