{"id":5420,"date":"2022-04-04T08:29:00","date_gmt":"2022-04-04T13:29:00","guid":{"rendered":"https:\/\/www.morty.com\/resources\/?p=5420"},"modified":"2022-04-04T14:11:00","modified_gmt":"2022-04-04T19:11:00","slug":"april-showers-bringa-hot-home-market","status":"publish","type":"post","link":"https:\/\/www.morty.com\/resources\/the-morty-report\/april-showers-bringa-hot-home-market","title":{"rendered":"Rates Continue on an Upward Climb"},"content":{"rendered":"\n<p>Welcome back! We\u2019re talking about affordability, inflation and the spring housing market in this second edition of The Morty Report. My priority with these weekly newsletters is to share the info you need to know to make informed homebuying decisions. Share your feedback with me anytime at&nbsp;<a href=\"mailto:MortyReport@morty.com\" target=\"_blank\" rel=\"noreferrer noopener\">MortyReport@morty.com<\/a>, or on Twitter&nbsp;<a href=\"http:\/\/twitter.com\/RobMortgages\">@RobMortgages.<\/a><br><br>\u2014&nbsp;Robert Heck, <em>Vice President of Mortgage @ Morty<\/em><\/p>\n\n\n\n<div class=\"wp-block-group is-layout-flex wp-block-group-is-layout-flex\">\n<h2 class=\"wp-block-heading\">What to know now<\/h2>\n\n\n\n<div style=\"height:20px;width:0px\" aria-hidden=\"true\" class=\"wp-block-spacer wp-container-content-1\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Rates have climbed sharply upward this week to post-pandemic highs, but the <a href=\"https:\/\/money.com\/spring-home-buying-outlook-tips\/\" target=\"_blank\" rel=\"noreferrer noopener\">spring housing market is expected to remain hot<\/a>.<\/li>\n\n\n\n<li>Rates improved briefly upon oil and inflation relief last week, but climbed back up and have now surpassed the highs we previously saw on March 25.<\/li>\n\n\n\n<li>Rising rates could impact affordability and lower buyer demand \u2013 something sellers should keep an eye on, too.<\/li>\n\n\n\n<li>Inventory remains low, which has sustained demand even as rates cut into affordability.<\/li>\n\n\n\n<li>You can check out <a href=\"https:\/\/www.morty.com\/mortgage-rates\" target=\"_blank\" rel=\"noreferrer noopener\">today\u2019s rates here<\/a>, if you\u2019re interested<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-flex wp-block-group-is-layout-flex\">\n<h2 class=\"wp-block-heading\">What to do<\/h2>\n\n\n\n<div style=\"height:20px;width:0px\" aria-hidden=\"true\" class=\"wp-block-spacer wp-container-content-2\"><\/div>\n\n\n\n<p><strong>Thinking about buying for the first time? <\/strong><a href=\"https:\/\/www.morty.com\/get-started\/mortgage\" target=\"_blank\" rel=\"noreferrer noopener\">Continue to get pre-approved<\/a>&nbsp;at updated rate levels to ensure that the homes you\u2019re considering remain in your price range. You can also expect to pay a premium for location and compete with other repeat buyers in the process, which could lead to potential up-bidding \u2013 so don\u2019t forget to account for those factors when setting your budget. If the rate increases over the past month mean you need to reduce your budget, this may be a sign that you should step back and consider improving your overall financial profile.<\/p>\n\n\n\n<p><strong>Is spring the right time to sell? <\/strong><a href=\"https:\/\/www.mansionglobal.com\/articles\/seasonal-patternsand-predictabilityhave-yet-to-return-to-most-u-s-markets-01646398231\" target=\"_blank\" rel=\"noreferrer noopener\">Seasonality has become less of a factor for buyers and sellers<\/a>, but it really depends on your individual situation and reason for selling. So far, rates have yet to move high enough to stall home price growth or cut into buyer demand relative to the current supply, which is generally good news for sellers. But you shouldn\u2019t necessarily rush to sell in a tight timeframe or take the first offer you receive, either. Whatever you decide to do, you want to be intentional that the equity you\u2019ll receive is worthwhile.<\/p>\n\n\n\n<p><strong>Worried about inflation?<\/strong> I<a href=\"https:\/\/www.nytimes.com\/2022\/03\/29\/opinion\/inflation-prices-interest-rates.html\" target=\"_blank\" rel=\"noreferrer noopener\">nterest rates are rising<\/a> to reflect the overall strength of the economy and combat inflation, and pandemic-era policies and secondary market activity that kept rates at historic lows have ended. While <a href=\"https:\/\/www.forbes.com\/advisor\/investing\/what-is-inflation\/?utm_source=morty&amp;utm_medium=email&amp;utm_campaign=the-morty-report&amp;utm_content=april-first\" target=\"_blank\" rel=\"noreferrer noopener\">inflation can negatively impact your buying power in the moment<\/a>, it does mean that the cash you have now is more valuable than it will be in the future, given the nearly 8% inflation rate. This means it could be more cost-effective to buy now and borrow when it comes to maximizing the value of your dollar.<\/p>\n<\/div>\n\n\n\n<div style=\"background-color:#fcf6f0\" class=\"wp-block-genesis-blocks-gb-container gb-block-container\"><div class=\"gb-container-inside\"><div class=\"gb-container-content\">\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:90%\">\n<p class=\"has-text-align-center has-black-color has-text-color has-normal-font-size\" style=\"line-height:1.4\"><strong>Not sure what to do?<\/strong> We can help! Drop us a line on&nbsp;<a href=\"https:\/\/twitter.com\/HiMorty\" target=\"_blank\" rel=\"noreferrer noopener\">Twitter @himorty<\/a>&nbsp;or email&nbsp;<a href=\"mailto:MortyReport@morty.com\" target=\"_blank\" rel=\"noreferrer noopener\">MortyReport@morty.com<\/a>.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-group is-layout-flex wp-block-group-is-layout-flex\">\n<h2 class=\"wp-block-heading\">Factors influencing the market<\/h2>\n\n\n\n<div style=\"height:20px;width:0px\" aria-hidden=\"true\" class=\"wp-block-spacer wp-container-content-3\"><\/div>\n\n\n\n<p>Affordability is top of mind for many right now. Home prices, inflation and <a href=\"https:\/\/freddiemac.gcs-web.com\/news-releases\/news-release-details\/mortgage-rates-exceed-four-and-half-percent?_ga=2.223128155.1160816440.1648741574-1991735916.1648741574\" target=\"_blank\" rel=\"noreferrer noopener\">mortgage rates are all on the rise<\/a> as we head into the spring market. Add in fierce <a href=\"https:\/\/www.morty.com\/resources\/mortgage-101\/first-home-tough-market\" target=\"_blank\" rel=\"noreferrer noopener\">competition in the market and limited housing supply<\/a>, and for some buyers it feels like the dream of homeownership is slipping further and further away.<\/p>\n\n\n\n<p>We talked a lot about market volatility in the last issue as rates climbed upward \u2013 and the trend continued this week. Rates increased quickly and even hit new highs for the year, with <a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\" target=\"_blank\" rel=\"noreferrer noopener\">some benchmarks hovering near 5%<\/a>. Inflation concerns continue to be the <a href=\"https:\/\/www.nytimes.com\/2022\/03\/31\/upshot\/home-prices-mortgage-rates.html\" target=\"_blank\" rel=\"noreferrer noopener\">primary driver of rising rates in the market<\/a>, and commentary from the Federal Reserve around their actions to combat it have largely driven this week\u2019s shifts.<\/p>\n\n\n\n<p>If you\u2019re in the market for a home, <strong>research what your affordability looks like at different rate levels, from where things sit now to above 5%<\/strong>. Affordability also largely depends upon your timeline to having an executed purchase contract. More than ever, buyers should be laser-focused on planning for all the expenses that go into owning a home right now \u2014 think insurance, taxes, maintenance \u2014 and not just a mortgage.<\/p>\n\n\n\n<p>It varies by market, but rates in most places have yet to move enough to outweigh the limited inventory and resulting demand we\u2019re seeing overall (an important note for anyone planning to sell, as well).<\/p>\n<\/div>\n\n\n\n<p class=\"has-text-align-left has-background\" style=\"background-color:#fcf6f0\"><strong>Reader Question of the week<\/strong><br><br><em><strong>I\u2019ve been googling \u201cdaily mortgage rates\u201d to track rate changes every day. Is this actually an accurate way to find out what my rate would be?&nbsp;<\/strong><\/em>\u2013 Casey T. in Raleigh, North Carolina<br><br>The results you\u2019ll find with a search engine can give you an idea of where the market stands that day, but it won\u2019t necessarily give you the full picture or the best rates available. A mortgage marketplace like Morty shows you rate options from multiple lenders all in one place. You can even use Loan Options, <a href=\"https:\/\/www.morty.com\/get-started\/mortgage\" target=\"_blank\" rel=\"noreferrer noopener\">our interactive quote tool<\/a> to get personalized quotes with your monthly payments and closing costs already calculated. Quotes are adjusted in real-time and delivered to your inbox, making it a great way to track daily market changes. Buyers should keep in mind that quotes are different from fully qualified rates, which require a credit pull and income\/asset information that is provided during the qualification process.<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"wp-block-heading\">Rob&#8217;s Recent Insights<\/h2>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-2 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.architecturaldigest.com\/story\/getting-mortgage-tips\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-2-1024x1024.png\" alt=\"\" class=\"wp-image-5478\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-2-1024x1024.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-2-300x300.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-2-150x150.png 150w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-2-768x768.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-2-80x80.png 80w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-2-600x600.png 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-2-120x120.png 120w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-2.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/www.architecturaldigest.com\/story\/getting-mortgage-tips\" target=\"_blank\" rel=\"noreferrer noopener\">What No One Tells You About How to Get a Mortgage<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/money.com\/spring-home-buying-outlook-tips\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-1024x1024.png\" alt=\"\" class=\"wp-image-5477\" style=\"width:204px;height:204px\" width=\"204\" height=\"204\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-1024x1024.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-300x300.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-150x150.png 150w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-768x768.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-80x80.png 80w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-600x600.png 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-120x120.png 120w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1.png 1080w\" sizes=\"auto, (max-width: 204px) 100vw, 204px\" \/><\/a><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/money.com\/spring-home-buying-outlook-tips\/\" target=\"_blank\" rel=\"noreferrer noopener\">Everything to Know About Buying a House This Spring<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/time.com\/nextadvisor\/mortgages\/mortgage-news\/mortgage-rates-rose-again-amid-inflation-ukraine\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-3-1024x1024.png\" alt=\"\" class=\"wp-image-5479\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-3-1024x1024.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-3-300x300.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-3-150x150.png 150w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-3-768x768.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-3-80x80.png 80w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-3-600x600.png 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-3-120x120.png 120w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-3.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/time.com\/nextadvisor\/mortgages\/mortgage-news\/mortgage-rates-rose-again-amid-inflation-ukraine\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mortgage Rates Keep Rising Faster Than Experts Expected<\/a><\/figcaption><\/figure>\n<\/div>\n<\/div>\n\n\n\n<div style=\"background-color:#299490\" class=\"wp-block-genesis-blocks-gb-container gb-block-container\"><div class=\"gb-container-inside\"><div class=\"gb-container-content\">\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center has-white-color has-text-color\" style=\"font-size:34px\">Get the full Morty Experience<\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-3 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:90%\">\n<p class=\"has-text-align-center has-white-color has-text-color has-normal-font-size\" style=\"line-height:1.5\">Get pre-approved in a flash, gain access to your downloadable quote, and take advantage of our unique Closing Programs when you create an account. It only takes a few minutes!<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50\"><a class=\"wp-block-button__link has-theme-palette-3-color has-white-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.morty.com\/get-started\/mortgage\" style=\"border-radius:100px\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Create yours<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>April 4, 2022. We\u2019re talking about affordability, inflation and the spring housing. My priority is to share the info you need to know to make informed homebuying decisions. <\/p>\n","protected":false},"author":30,"featured_media":5971,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_lmt_disableupdate":"yes","_lmt_disable":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[611],"tags":[264,564,48],"series":[562],"class_list":["post-5420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-morty-report","tag-loan-types","tag-mortgage-rates","tag-selling","series-the-morty-report-newsletter"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rates Continue on an Upward Climb | Morty Resources<\/title>\n<meta name=\"description\" content=\"Discover key insights on affordability, inflation, and the spring housing market in The Morty Report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.morty.com\/resources\/the-morty-report\/april-showers-bringa-hot-home-market\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rates Continue on an Upward Climb | Morty Resources\" \/>\n<meta property=\"og:description\" content=\"Discover key insights on affordability, inflation, and the spring housing market in The Morty Report.\" \/>\n<meta property=\"og:url\" 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