Mortgage-Rate Panic?

Ben Bernanke’s comments today have further calmed down the mortgage rates, now back under the 4.5% threshhold.

Was there much panic in the last couple of weeks? Either a flood of new listings, or buyers rushing in/backing off?

Not really. Here are new listings and new pendings for 7/1 to 715:

With the headlines about the worst mortgage-rake spikes in the history of the world, these numbers look about as “normal” as possible. It helps substantiate how our local market is being driven by regular people who are out buying and selling homes for their own personal use.

Furthermore, if there wasn’t a panic during the last couple of weeks, there probably won’t be one. At least not with the buyers – they’ve waited this long, they aren’t going to rush anything now (heck, rates might come down?).

Jim the Realtor

Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!

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