Rates Remain Low.
You may have seen headlines this week like “Mortgage Rates Jump Sharply Higher After Iran Strikes” (CNBC). As usual, the media tends to amplify volatility, but the reality is the bond market has been much more measured.
Yes, rates ticked up slightly following the news over the weekend. But the actual move was about 1/8 of a percent, which translates to less than $70 per month on a $800,000 loan amount. Hardly the dramatic shift the headlines suggest, and most loans are still at rates below 6%.
The bigger picture hasn’t changed. Rates are still significantly better than where we were the past couple of years, and buyer purchasing power has improved. We’re already seeing that reflected in the market, with more buyers re-engaging, writing strong offers at or above asking, and more inventory coming on market as we head into spring.
This remains a healthy market for buyers, and those who are prepared and pre-approved will be in the best position as competition increases! We are always here to help you succeed!
