Mortgage interest rates are edging up again, as you may have heard. The average 30 year fixed rate at the end of February was 4.4% -- up from 3.9% just three months prior.
Could this (slight) rise in the cost of financing your home be affecting the pace at which buyers are signing contracts? Possibly.
It seems that 14% more buyers signed contracts this January and February as compared to last year during the same timeframe.
This is a likely indicator that we'll see stronger months of closed sales in March and April.
Then, the questions will be....
- Will the pace of contract activity keep increasing?
- Will mortgage interest rates keep increasing?
Let's hope for yes and no, in that order.
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