Mortgage Rates Surge, Impacting Spring Homebuying

0:00The war with Iran is spiking mortgage rates and messing with the spring home buying rush. Just last week of February, the average 30-year fixed rate dipped under 6% the lowest in over 3.5 years. Now it's jumped to 6.46%, the highest in nearly 7 months, thanks to economic jitters from the conflict. That climb is hitting mortgage applications hard, slowing what should be the busiest season. Joe Market worries add to the uncertainty even though rates are still below last year's peaks. Just like Joel Burner from Realtor.com, say buyers are pausing, waiting to see if things stabilize. But for those who can swing it, the markets tilting toward buyers. Active listings shot up nearly 8% nationwide from last February, with big jumps in places like Seattle, Houston, and Denver. Sellers are dropping prices or tossing in cash for repairs and closing costs to close deals. Take Anne King in Fort Worth. He snagged a three-bedroom ranch for $265,000 after negotiating $10,000 off the list.

1:03And 17,000 in extras from the seller. Meanwhile, folks like Gail Sanders and Kansas City slash their asking price by $10,000, but still have no bites after open houses. Prices dip year over year and over half the top 50 metro areas. Like 9% drops in Austin and Memphis. They'll stay sluggish from the 2022 slump. And affordability bites with median homes at 398,000 against. Lagging wages. If you got the cash, now's your shot before rates climb more. That wraps Durham news today. Brought to you with AI.