1302 ET - Mortgage rates rose to 6.89% this week, posing significant challenges for homebuyers and keeping the "lock-in effect" in place, says Realtor.com senior economist Jake Krimmel. According to Freddie Mac the 30-year mortgage rate rose 3 basis points to its highest level since Feb. 6. "With rates threatening to cross 7% for the first time since January," Krimmel says, "the 'lock-in effect'--where current homeowners are reluctant to sell and give up their lower mortgage rates--shows no signs of easing up." According to a recent Realtor.com survey, just 2% of respondents said they would be willing to buy with rates above 6%. But new listings and total homes for sale continued to rise last month, and homes are staying on the market for longer. Buyers may be regaining some bargaining power despite rising interest rates. (chris.wack@wsj.com)
(END) Dow Jones Newswires
May 29, 2025 13:02 ET (17:02 GMT)
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