Mortgage rates inched closer to 4 percent last week, but in a strange twist, that could be good news for homebuyers.
Higher rates tend to dampen the fervor of investors, who have been snapping up what few Bay Area homes there are for sale. That would give more typical homebuyers a better chance to get in the market.
“We don’t want an investor-driven marketplace,” said realtor John V. Pinto, who has offices in Silicon Valley. “We want an owner-occupied marketplace. With interest rates rising, for people that are first-time homebuyers there will be more opportunities.”
But at a higher cost.
Freddie Mac announced Thursday that the rate for a traditional 30-year, fixed mortgage climbed to 3.98 percent – its highest level since April 2012.