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My newsletter yesterday mentioned the 10yr yield, which we watch closely, could be ready to rollover, rollover indeed. The 10yr yield is now down from 4.80% to 4.60% as I type. If this holds, it should provide a nice relief in the 30yr mortgage rates.
This, coupled with the image below, is why I have been pounding the table for the last three months for buyers to start preparing now for the Spring real estate season. New mortgage purchase applications were up 33% from last week to this week! I don't have a crystal ball, I don't know if any of this sticks, or what could happen between now and March/April, but this is a major sign of the competition to come. My intention is not to spread FOMO, but simply to express the importance of getting prepared now. Even if someone doesn't make a purchase, or nothing comes of it...simply, to anyone that you know considering to buy or sell real estate this year to at least start preparing. At the very worst, they talk with a realtor, they talk with a lender, and they now have a clearer picture of what they qualify for financially, or what they need to do financially to get where they want to get in terms of the type of home they want, and what it's going to take to beat the competition if something they love pops up on the market.
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