Updated
Updated · KATV · Sep 29
Arkansas Mortgage Rates Top 7%, Cutting Applications 1.5% and Squeezing First-Time Buyers
Updated
Updated · KATV · Sep 29

Arkansas Mortgage Rates Top 7%, Cutting Applications 1.5% and Squeezing First-Time Buyers

3 articles · Updated · KATV · Sep 29

Summary

  • Mortgage applications fell 1.5% from a week earlier as Arkansas buyers faced rates above 7%, adding pressure to an already expensive housing market.
  • About $50 to $60 in extra monthly cost for every $100,000 borrowed is forcing some shoppers to cut their budgets by $30,000 to $50,000, according to a Little Rock realtor.
  • First-time buyers are feeling the squeeze especially hard, with the national average first-time buyer now nearly 40 years old versus 28 in 1991.
  • Arkansas agents say buyers who must relocate are still moving ahead, while others are turning to credit-score improvements, down-payment aid, seller contributions and ADFA-linked programs to manage costs.
  • The local strain follows a broader national jump in 30-year mortgage rates above 7%, with some measures reaching 7.58%, the highest since April 2024.

Insights

Why are mortgage rates hitting their highest since November 2023 even as oil falls and weak data piles up?
If Treasury yields pause, could MBS pressure and quarter-end trading still push mortgage rates even higher?