Mortgage rates creep higher for homebuyers on Fed policy
Yahoo Finance Live’s Emily McCormick breaks down the stat of the day.
Video Transcript
EMILY MCCORMICK: Before we head to break, we want to bring you our stat of the day. Now, interest rate creep is beginning to alter the dynamics of the housing market. Several months ago a prospective homebuyer would have paid $1,347 for a $300,000 loan at 3.5%. If the buyer waited until today to lock in a new rate at 5%, the borrower would pay $263 more per month. The source for that stat is Jeffrey Roach, chief economist for LPL Financial.
