It’s not passed yet but this is earlier than I expected so hopefully they can get it done in time.

Mortgage rates are like gasoline prices though – quick to go up, and sloowww to come down.

If they can pass this by Wednesday/Thursday and rates improve a little by the weekend, we might get a surge of buyer interest over the next couple of weeks. Home buyers who want to get into their new house before school starts need to secure something soon because many if not most sellers need a 30-60 day rentback after close – which after you count a 30-day escrow, it means that many buyers are already scheduling to pick up their keys at the end of summer.

I think there are waves or surges in the market, and not in a cosmic way. It’s just natural that some weeks are better than others for pursuing a new home, and people work in their searches around holidays and other family/work obigations. It would make sense that the same market forces are affecting the entire buyer pool in a similar direction.

Based on my previous guess below from March, we might be at the tail end of the selling season, but the demand has been strong enough that we should have some gas left in the tank. The next couple of weeks will probably be the high point for the rest of the year though.

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