It’s peak homebuying season, and if you’re hunting for a new home, it’s time to roll up your sleeves and bring your “A” game. That’s because you’re entering a market that’s more competitive and pricey than it’s been in years.
The average rate on a 30-year fixed rate mortgage hit 4.61 percent in the past week, which is the highest level since May 2011. At the same time, house prices are jumping much higher around the country. The concurrent trends mean there’s a good chance it’ll cost you more to make a winning offer. Here’s what to know about homebuying as you enter a competitive market.
1- WHY ARE MORTGAGE RATES RISING?
2- WHY ARE HOUSES MORE EXPENSIVE?
3- IS THERE ANYTHING I CAN DO?