I was looking at the most recent information from the MBA(Mortgage Bankers Assoc.) and how active the mortgage market is. Like any sales job, Realtors need to have a pipeline of buyers and sellers. We are commission sale people, so anticipating who is/is not going to be in the market will help us plan and be better representative to our sellers and buyers. The average 30yr fixed rate mortgage is 3.6% and a 15yr fixed rate average is 2.9%. But, month over month, there is no consistancy.
So...here are a couple quotes from the MBA “On the strength of an improving labor market and low interest rates, January new home sales were up nearly 30 percent from December,“ said Lynn Fisher, MBA’s Vice President of Research and Economics. “Relative to a year ago, new home sales were up 2.6 percent on an unadjusted basis.” And THIS..."Mortgage rates increased to their highest level since the beginning of the year last week, and application volume dropped sharply as a result, particularly for refinances.
This is the schizophrenic environment we live in with our current real estate market. Mortgage rates are predicted to continue to increase. If you are considering selling or buying this year, get in early.
If you want a personalized market analysis of your home, contact me. firstname.lastname@example.org, www.FindValleyHomes.com or www.KleinServicegroup.com