| Hi Kens, Happy Friday!! And wow, the market is crazy!! It is the Spring Season... More sellers (yea!!), more buyers and as happens at times... mortgage rates on the move up.
Why are rates moving up? Good question, is there any one definitive answer? No, however, there are several things going on that are impacting the price of bonds and mortgage rates.
See chart below, which is bond prices... Mortgage rates move in lockstep with bond prices, but in the opposite direction. Bond prices down as you see below... mortgage rates up. And a pretty good drop in prices over the past two weeks.
Who is this impacting the most? The buyers that are in the thick of looking hard and making an offers and sellers that have been waiting to list, who become buyers too. New buyers entering the market, not a big deal, they didn't see last months rates. Good news or bad news... it's neither, it's just the news.
Listen in and I'll give you a few reasons why rates have moved up. And some ways that some of our First Time and Move Up buyers can beat the market.
To Your Success,
Ken and Your Home Buying Team at FAIRWAY
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