Mortgage Rates’ Rise Catches Home Buyers — and Lenders — Off Guard
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Luis Solis, of Realty One Group, outside of the home in Phoenix that he is selling. For his new home, “we were lucky that we locked in our rate on November 1,” he said. CreditDavid Jolkovski for The New York Times
When Jared Rutledge called his mortgage broker one morning last week after putting in an offer on a home in Glendale, Ariz., just west of Phoenix, he discovered that the 3.8 percent rate he had been quoted a couple of months ago had already gone up to 4.125 percent. That afternoon, it had inched up to 4.25, and by evening, when he finally called back to finalize the deal, it was 4.375 percent.
“I was kind of frustrated,” Mr. Rutledge said. But with a third child on the way, and a buyer for their current home, he and his wife felt they had little choice. “Instead of holding out and waiting, we locked it in,” he said…
Mortgage Rates’ Rise Catches Home Buyers — and Lenders — Off Guard
