Can the month of December freeze interest rates and warm up buyers at the same time?  I can't wait to find out.

Our beloved 10yr yield held the line at 4.50% and broke down back below 4.2% as I type this out.  This has brought 30yr mortgage rates back below 7%, around 6.85%.  The 52 week range for the 30yr rate is now 6.11% - 7.52%.  Savvy, serious buyers have been taking advantage of homes sitting on the market longer and homes coming on the market at reasonable price points.  As in years past, mortgage applications are creeping higher as we end the year.  As of Monday, we have three weeks in a row of positive application numbers with last week's coming in at an increase of 6.3%.  We will have the newest numbers coming out later today.  I wouldn't be surprised to see another week of positive applications as buyers start gearing up for the Spring buying season just around the corner.  I may sound worn out, but I cannot emphasize the importance of preparedness.  It is imperative to know what homes can be afforded and the closing costs to be budgeted.  Prepared buyers beat unprepared buyers every time.

We have a busy week of job reports.  These reports can change every thing I just wrote, most directly the 10yr yield and thus the 30yr mortgage rates.  I'll be watching closely.

I'll have a new listing go live this coming Thursday in South Sacramento.  A 2/1 corner lot with ability to build an additional unity or create an RV access.  This home will be priced low.  Check my social media or website to see it live on Thursday.
 

What are you seeing or hearing? I'd love to know paul@guiderealestate.com
Visit www.paulpelettarealtor.com