Mortgage rates south of the border are back up again, fter falling to a record low just two weeks ago, 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 2, 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.
The Mortgage Bankers Association says applications to refinance a home loan jumped 79% last week compared with the previous week, Applications for home purchase loans were up just 6% for the week.
The hike in rates hjts just as real estate agents in some parts of the country cancel open houses scheduled for this weekend. Fears of the coronavirus have some sellers pulling back and some buyers taking their searches entirely online.
In a quick survey, 16% of Realtors reported seeing a drop in buyer interest related to the coronavirus and one in four sellers is changing how he or she markets homes, some going entirely online, according to the National Association of Realtors. Just 3% of Realtors said they had clients remove their homes from the market due to the coronavirus.
