What homebuyers need to know as mortgage rates climb in tough market

With low inventory and record-high prices, waiting longer can have fixed mortgages tick up even higher. However, the average 30-year fixed mortgage rate has now climbed to 5.36 percent, leading to an 11 percent drop in new mortgage applications. Some families are turning to adjustable-rate loans where terms and interest rates typically change anywhere between 5 to 10 years.