The End of Record Low Interest Rates?
Watch the original video: The End of Record Low Interest Rates? March 2021 Mortgage Market Update
Here’s my Mortgage Market Update for March 2021. In this month’s video, I’ll share my answers to frequently asked questions about volatile mortgage rates and record low inventory. Watch the video above to learn more.
⚠️ Volatile Mortgage Rates
We are in the first week of March and if we look back at the beginning of February we see interest rates are a full percent higher than they were a month ago. This has all happened really fast and people were not expecting it. Mortgage rates are based on mortgage backed securities known as bonds and are impacted by how much they are sold for in the market. Generally when we see investors investing in bonds, this helps keep interest rates down, but right now we are seeing lots of those investors stepping back from purchasing bonds which is causing interest rates to go up rapidly. We are definitely seeing some volatility in both stocks and bonds. Hopefully this will eventually be resolved. We will continue to keep you updated going forward.
🏡 Record Low Inventory
Meanwhile housing prices continue to increase. We still have record low inventory, last time I checked there were less than 350 homes for sale in Redding. Despite all this there are still a lot of people coming into Redding that want to live here. Many people are buying homes way above asking price paying cash. We will have to watch and see what happens from here.
🙏🏼 Thank you for your business.
Thanks again for your continued support and referrals. I hope you and your family are doing well. If you have any questions or would like to get pre-qualified for a purchase or refinance, give us a call at the office.