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.
Shake off the winter blahs. Make hay while the interest rate sun is still shining on you and your buyers!
I'm Mike in Tucson, your preferred Tucson Mortgage Lender.
SUNSTREET MORTGAGE llc ~ Correspondent Mortgage Bank
Offices (AZ) Mesa, Tucson, Sierra Vista, Nogales, and Albuquerque, NM.