Mortgage Rates Are On The Rise But It’s No Big Deal

For the first time in a long time, the nation is buzzing over mortgage rates - and it’s not because they’re dropping to new lows. On the contrary, mortgage rates shot up well over 4 percent. Mortgage rates have been kept artificially low for a long time, and we all knew they had to go up at some point. The truth is rising mortgage rates are no big deal, and home financing is still incredibly affordable at today’s rates. So before you toss aside your dream of becoming a homeowner, just because rates aren’t the lowest they’ve been in the history of mortgage rates, remember that previous generations of homebuyers financed property at double-digit rates and did just fine. Today’s homebuyers are still poised to achieve the American Dream at a price we may never see again. As long as you’re realistic about your ability to buy and what you can afford, rising rates should have little impact on your decision to go through with a purchase. Full Article 

Homes For Sale Are Spending Less And Less Time On The Market

The median time that homes spent on the market was down to 37 days in June, from 41 days in May. This is 47% faster than a year ago. The housing market has clearly been moving fast. Redfin’s Fastest Markets Report showed that 32% of homes went under contract within two weeks, and 20% in one week or less. While this was less that 33.2% in May, this was still one of the fastest markets in years, according to Redfin. Earlier this year Business Insider reported on flash sales in parts of the country, where homes sold with 24 hours of hitting the market as supply remained tight. “The spike in mortgage rates led buyers that were already in the market for a new home to rush to lock in low rates while they could,” according to Ellen Haberle, economist at Redfin. Full Article