Lenders Increase Mortgage Rates, Prompting Borrower Decisions

Why it matters locally: Virginia's housing market, like the rest of the nation, will see prospective homebuyers and those looking to refinance facing higher costs for borrowing, potentially slowing sales in some areas.

Major lenders have increased rates on new mortgage deals over the past few days. This development requires many borrowers to make decisions regarding their home financing. Financial institutions implemented these rate adjustments, affecting new agreements.