Today's mortgage and refinance rates: April 20, 2022
Are rising mortgage rates finally going to cool the white-hot housing market? Possibly - but that doesn't mean affordability will improve.
Fannie Mae predicted in its April forecast that homebuying demand would slow over the next two years, as would-be buyers opt to keep mortgages they acquired at much lower rates and first-time buyers face steep prices.
Homebuyers face a tough time at the moment, especially those whose affordability has been affected by the shift in interest rates, says Robert Heck, vice president of mortgage at Morty.