The Fed’s effect on mortgage rates and the spring 2023 house-hunting season forecast

The Fed’s effect on mortgage rates and the spring 2023 house-hunting season forecast
Row houses on a sunny day

flammulated/GettyImages; Illustration by Hunter Newton/Bankrate

At its March meeting, the Federal Reserve raised interest rates: So, what does that mean for mortgages? In other news, how the housing market is shaping up for spring — the traditional start of home-hunting season — and figuring out how far a $150K income will get you.

What the Federal Reserve’s rate hike means for mortgages

The Fed raised interest rates once again in its March meeting on Wednesday. The Fed’s moves don’t directly set mortgage rates, but they have an impact. Still, if you’re a prospective homebuyer, the March Fed hike could factor into your financing plans.

Read the story.

Spring 2023 housing market predictions

Experts predict that the housing market will struggle this spring in light of stubbornly high interest rates and low inventory. But in a crash or a violent popping of the real estate bubble.

Read the story.

Refinancing later in your mortgage term

Lower rates are a tempting reason for refinance, but you should evaluate whether this is a smart move if you’re halfway or more through paying off your mortgage. The expense and stress of refinancing could negate your potential savings.

Read the story.

Reasons why a home sale might fall through

A home sale might fall through for a variety of reasons, from unexpected financial obstacles to home inspection problems. As you proceed through the closing process, keep an eye out for red flags that signal your deal could be in danger.

Read the story.

How much house can you afford on $150,000 a year?

If you earn $150,000 a year, you can likely afford a bigger home in a more desirable location than most. But the exact amount of house you can buy will vary depending on the rest of your financial situation, chosen location and preferred property.

Read the story.