{"id":229468,"date":"2022-04-04T10:32:38","date_gmt":"2022-04-04T10:32:38","guid":{"rendered":"https:\/\/omni48.com\/news\/mortgage-rates-are-rising-sharply-but-home-buying-doesn-t-seem-to-be-slowing-down"},"modified":"2022-10-17T02:27:23","modified_gmt":"2022-10-17T02:27:23","slug":"mortgage-rates-are-rising-sharply-but-home-buying-doesn-t-seem-to-be-slowing-down","status":"publish","type":"post","link":"https:\/\/omni48.com\/news\/mortgage-rates-are-rising-sharply-but-home-buying-doesn-t-seem-to-be-slowing-down","title":{"rendered":"Mortgage Rates Are Rising Sharply &#8212; but Home Buying Doesn&#8217;t Seem to Be Slowing Down"},"content":{"rendered":"<p>Image source: Getty Images There was a point not so long ago when the idea of paying 4% on a 30-year mortgage was unthinkable. These days, buyers would be lucky to only pay 4% on a 30-year loan. Over the past several weeks, mortgage rates have risen steadily. And if they continue climbing at their current pace, it won&#8217;t be long before the average 30-year mortgage rate reaches 5% &#8212; a level not seen since before the pandemic. Not surprisingly, refinance demand has dropped sharply in light of rising mortgage rates. For the week ending March 25, the Mortgage Bankers Association reports a 15% drop in refinance applications compared to the previous week &#8212; and a 60% decline from a year ago. But interest in home buying is still fairly strong. While purchase mortgage applications fell 6.8% for the week, the seasonally adjusted purchase index rose 0.64% from a week ago. And while the index is still down 10.1% on<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Those who can pay cash may have the upper hand.<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,47],"tags":[27,49],"class_list":["post-229468","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate","tag-economy","tag-real-estate"],"acf":[],"_links":{"self":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/229468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/comments?post=229468"}],"version-history":[{"count":0,"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/229468\/revisions"}],"wp:attachment":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/media?parent=229468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/categories?post=229468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/tags?post=229468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}