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I have a chart of the 10yr yield up on my computer screen as I begin this newsletter. What an absolute delight as we finish the final week of February. Our mortgage rate tracker is now comfortably below 4.5% hovering around 4.30%. If you remember, in my January 29th issue, I mentioned us testing the 4.5% level and that I'd like a continuation lower. Well, it took a couple weeks but ultimately continued lower. As of Tuesday, 30yr mortgage rates were at 6.85%. I imagine they'll be lower by the end of the week. We do have a major economic date point coming out on Friday, the PCE. This definitely could throw a wrench in things, of course it could also accelerate things as well. Let's see.
Last Wednesday saw another small negative print of purchase applications. We now have four positive prints and three negative prints to start the year. My guess is we'll see another positive print tomorrow with mortgage rates sliding back under 7%. As I've been talking about since November, Spring is shaping up to be quite the banger as things sit. The 33% increase of purchase applications from the January 10th print are absolutely licking their chops right now. They've been able to prepare and save even more for well over 5 weeks at this point. They have watched both active listings increase AND mortgage rates tumble. They will be ready for Spring if they haven't already taken advantage.
See you in March!
I'll leave you with this image below. 100% how I feel as an agent, and I won't ever steer anyone in any other direction.
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