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this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt tom: good evening and thanks for joining us. the door is closing on super cheap mortgage rates. susie, the average rate on a 30- year fixed rate mortgage climbed to its highest level since april of last year. susie: tom, it s a dramatic move up. the rate on a 30-year is now above the 5% level, up from 4.81% last week. tom: rates are moving up, partly because the economy is doing better. but what do rising rates mean for the housing market? what about home buyers and sellers? erika miller reports. reporter: silence is the new reality at mortgage broker luxury mortgage. loan originator bruce maasbach says refinance activity has all but dried up as a result of the sharp rise in interest rates. the phone doesn t ring with people saying, i need to lock into that great rate because i haven t done something, because people have kind of g ....
this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt tom: good evening and thanks for joining us. the door is closing on super cheap mortgage rates. susie, the average rate on a 30- year fixed rate mortgage climbed to its highest level since april of last year. susie: tom, it s a dramatic move up. the rate on a 30-year is now above the 5% level, up from 4.81% last week. tom: rates are moving up, partly because the economy is doing better. but what do rising rates mean for the housing market? what about home buyers and sellers? erika miller reports. reporter: silence is the new reality at mortgage broker luxury mortgage. loan originator bruce maasbach says refinance activity has all but dried up as a result of the sharp rise in interest rates. the phone doesn t ring with people saying, i need to lock into that great rate because i haven t done something, because people have kind of g ....
mortgage rates, but you see an improvement in labor market conditions and you see further improvement in wages, i think that the economy will be able to afford that small increase in mortgage rates. reporter: mortgage rates typically take their cue from the treasury bond market, and those bond yields have been rising on worries about inflation. many economists predict interest rates will continue to rise. i think if i saw mortgage rates going up above 6%, then i would be a little bit more nervous. but any number with a 4% or 5% handle i think is manageable. reporter: so, what should you do if you need a mortgage or want to refinance? experts say consider arms adjustable rate loans. the seven-year arms right now are at about 4%, and so that is certainly better than a 5% handle, if you are only going to be in the place for the next five to seven years. reporter: and if you do decide to take out that 30-year fixed, don t despair. mortgage rates around 5% are s ....
this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt tom: good evening and thanks for joining us. the door is closing on super cheap mortgage rates. susie, the average rate on a 30- year fixed rate mortgage climbed to its highest level since april of last year. susie: tom, it s a dramatic move up. the rate on a 30-year is now above the 5% level, up from 4.81% last week. tom: rates are moving up, partly because the economy is doing better. but what do rising rates mean for the housing market? what about home buyers and sellers? erika miller reports. reporter: silence is the new reality at mortgage broker luxury mortgage. loan originator bruce maasbach says refinance activity has all but dried up as a result of the sharp rise in interest rates. the phone doesn t ring with people saying, i need to lock into that great rate because i haven t done something, because people have kind of g ....
this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt tom: good evening and thanks for joining us. the door is closing on super cheap mortgage rates. susie, the average rate on a 30- year fixed rate mortgage climbed to its highest level since april of last year. susie: tom, it s a dramatic move up. the rate on a 30-year is now above the 5% level, up from 4.81% last week. tom: rates are moving up, partly because the economy is doing better. but what do rising rates mean for the housing market? what about home buyers and sellers? erika miller reports. reporter: silence is the new reality at mortgage broker luxury mortgage. loan originator bruce maasbach says refinance activity has all but dried up as a result of the sharp rise in interest rates. the phone doesn t ring with people saying, i need to lock into that great rate because i haven t done something, because people have kind of g ....