Your Money Minute Mortgage Roller Coaster Stings Buyers 4/15/25
Apr 15, 2025
Spring has arrived, bringing a wild ride in the housing market as mortgage rates soar and dip unpredictably. Buyers are feeling the sting of fluctuating rates, which impact their decisions significantly. The discussion also delves into the recent changes in 30-year fixed loan rates and the importance of mortgage rate locks. Alongside valuable insights on managing related fees, this segment offers tips for navigating the fast-paced world of home buying.
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Mortgage Rate Drop Anecdote
- Mortgage rates initially dropped to the lowest level since last October on April 4th.
- This drop sparked excitement among housing watchers anticipating a spring market boost.
Mortgage Rate Surge After Tariffs
- Just five days after April 4th, mortgage rates climbed back above seven percent.
- The surge coincided with President Trump instituting tariffs on April 9th, causing market volatility.
Use Rate Locks Wisely
- Mortgage lenders often offer rate locks after approval to protect buyers from rate increases.
- However, longer rate locks can come with higher fees, so weigh the cost versus benefit carefully.