Interest rates are up, up, up!
Bonds are selling off. Since November 4th, the yield on the 10 year bond has risen more than one full percentage point. That's a big deal, folks.
You'll remember that we started out the month of November with the US Treasury pledging to buy $600 billion in assets. This worked previously, as bond yields fell to historical lows, and buyers were able to buy homes with 30 year mortgages priced as low as 4.000%. It's no longer working.
Both buyers and REALTORS quickly came to rely on mortgages in the low 4s, and many are waiting for this "blip" in rates to subside.
That wouldn't be a good bet, in my humble opinion! We're in the low 5s right now, and I don't expect rates to stay here for long.
Action Point:
Shake off the winter blahs. Make hay while the interest rate sun is still shining on you and your buyers!
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I'm Mike in Tucson, your preferred Tucson Mortgage Lender.
NMLS #223495
SUNSTREET MORTGAGE llc ~ Correspondent Mortgage Bank
Offices (AZ) Mesa, Tucson, Sierra Vista, Nogales, and Albuquerque, NM.
