Mortgage rates continue to rise, and inventory continues to decrease. The Federal Reserve will be meeting again on November 1st and the uncertainty on whether they will raise rates or not is causing mortgage rates to trend higher. Mixed messaging from different FED chairs is creating a large amount of uncertainty and impacting the bond market, which has a direct impact on mortgage rates. Remember the bond market likes certainty, good or bad.
Meanwhile, we see inventory levels continue to decrease, which could be in part due to the normal seasonal trend we see during the 4th QTR. Many sellers decided they would get past the holiday season and list after the new year. Many others don’t plan to list as they are enjoying their very low-interest rates that are long gone for buyers who are currently in the market. Potential sellers would rather stay in their current home longer and protect their current rate rather than sell and make a move at higher mortgage rates.
If you’re an upcoming buyer or seller in this market, don’t go at it alone, let us help you structure your next move and find the opportunity that makes sense for your situation.
Talk soon – Martin