Mortgages

The gradual rise in mortgage rates forecast by experts may finally be starting.

"Households seeking more space, assisted by low mortgage rates, drove the demand for new homes higher."

With mortgage rates at record lows, many homeowners and buyers may find themselves locked out of market.

This week, the average rate for a 30-year fixed-rate mortgage increase by 0.14 percentage points to 2.79% with 0.7 discount points paid.

After briefly slowing down during the holiday season, homebuyers were back in the hunt during the first week of January. 

Buyers need to get creative to navigate today's rising price environment — and stay on budget.