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Interest Rates/Loan Limits
Now What?
There has been plenty of buffer built into mortgage rates lately, so more declines are possible. But a hot CPI tomorrow will give mortgage lenders a great reason to raise their rates in advance of the Fed meeting next week. From MND: Speaking of big things, the bigger...
Heading Back to 7%
Last year the NSDCC sales were the lowest on record. We were already thinking that if the 2023 sales could get to 80% of that number, it would be great. But if mortgage rates spend the next ten months over 7%, what will be the annual sales count for this year? Maybe...
Higher Rates = Less Volume
The mortgage rates are heading for 7% again, which is shocking, given it was 5.99% on Feb. 2nd. Higher rates will discourage both buyers and sellers, and make them want to wait for a "better market" some day in the future. Whether that day will come isn't considered...
Higher Rates in Spring?
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...
Rate Buydowns
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...
Feels Like Fed Easing
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...
Rates Are Steady
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...
Mortgage Rates Today
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...
Jumbos in the 5s
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...
