It's bad enough that the Fed chairman doesn't know how his actions will affect the markets. If you didn't know, wouldn't you be cautious? Apparently not for Powell, and it seems likely that the Fed will bump their Fed Funds rate another 3/4% in the first half of 2023...
This is how close we are to a market resurgence. If sellers would pay down 4% to 6% of the loan amount to lower the buyer's mortgage rate by another 1% to 1.5% and get it into the 4s, we'd be looking good for springtime. From JB: In early December, 75% of nationally...
This isn't exactly new news - most prognosticators figured the Fed would only raise their rate by 0.5% in December, instead of the 3/4% hikes recently - but the stock market liked it (up 628) and the 10-year yield dropped a tenth. All we need is mortgage rates to be...
Will the 30-yr jumbo rate stay in the 5s? Here's what MND says: Excitement, volatility, non-stop action... concepts that have absolutely nothing to do with mortgage rate movement over the course of the past two weeks. In fact, since rates plummeted in response to the...
The Spring Selling Season could get a real boost if mortgage rates stay in the 5s. The Fed has been telegraphing their intentions for months now, and at this point, there can't be anyone who thinks the Fed won't keep raising their Fed Funds rate - at least for their...
The jumbo rate above is 6.1% at no points, which means you can get into the mid-to-high 5s with the buyers - or sellers - paying a point or two. I'm going to mention it in the description of the new listing. With the discounts already in place in some areas, and last...
It sure seemed like there was plenty of extra buffer built into the recent mortgage rates. With the CPI report coming out more favorable than expected, the markets reacted - and boom, a half-point drop! If buyers get the feeling that both rates and prices are coming...
Hat tip to Garry and Rob Dawg who predicted that we'd hit 7% this year, for the first time in over 20 years! It was in April, 2002 that rates were over 7%, back when the NSDCC median sales price was $635,000. This month it's $2,075,000! Rates have never doubled this...
Graph from JBREC: Only 36% of current homeowners said they would move if rates were 5%+, Only 15% said they would move if rates were 6% or higher, and ONLY 7% OF CURRENT HOMEOWNERS WOULD MOVE IF RATES WERE 7% OR HIGHER. If the market of move-up and move-down buyers...
The Fed raises their rate by 0.75%, and what happens? That's right, the conforming 30-year fixed rate went down this afternoon. Chairman Powell said again that intends to cause a reset in the real estate market, but our rates really shouldn't go up much the rest of...
