First and foremost, I hope everyone is safe and doing okay after these storms this passed weekend and ones still to come. If there is anything at all that I can do for you, please reach out. My physical labor skills are unmatched. Handy, technical skills not so much, but give me a task like moving furniture or breaking down a fallen tree and it'll be done. As we look at the market, it remains quiet, as expected to start the year. Nationally, active listings are close to breaking under 1 million, which would be crazy. Inventory is low nationally and locally. These first two weeks are absolutely the slowest, but I expect to see mortgage applications begin to pick up after this week. This would be in line with typical Spring activity build up, lasting through May. Mortgage rates are beginning to do their part, as you can see below, ticking closer to conventional rates of 6%. A break lower than that and we'll be cooking. Tomorrow is a pretty big day in that regard as it is CPI day. I will be watching closely. A CPI print at estimate or even a surprise lower will show a third consecutive month of decreasing inflation. This along with the slowing of YoY wage growth from last week will assuredly bring mortgage rates down. If we surprise higher, well, it would be quite unfortunate as we more than likely will remain stuck in a holding pattern. No man's land 6.25% - 6.75%. I don't even want to think about rates back over 7%. What are you seeing or hearing? I'd love to know paul@guiderealestate.com |
