The signs were all there:
Improving Housing Market
Overextended Time Frame for Cheap Money
Fed's "notes on ending purchase of mortgage backed
Stock Market recovery in 2012 and thus far in 2013
Now, Jim Belote's Weekly Update begins with:
Mortgage Rates Continue Their March to Higher Ground
(my italics and bolding for emphasis)
As you can see as you read the article below, Jim notes the reality that I noted in the past few blogs on market trend:
We're not surprised to see an uptick in purchase activity; expectations govern behavior. If potential borrowers believe higher rates are in the future, they'll act today to beat the increase. If they are fence sitting, their expectations of lower rates will keep them there, but a change in expectations (exceptions of higher rates, to be specific) will prompt them into action.
Thus, the real estate market and mortgage origination activity will increase now as interest rates rise because buyers want to beat the next increase!!
As a buyer, you have to understand that you must be more proactive when you see the home you like. The competition is out there!
As a home owner, if you want to move, now is the time! With buyers "off the fence", you have ready, willing and able buyers looking to snatch up a home before the rates rise more.
Let me know if you agree!!