Mortgage rates historically very very very low the 10 year bond, government bond. Yielding about 2.1 % percent mortgage rates in that 10 year rate tend to move in tandems. Will mortgage rates see a bit of a spike?...Later this year and into the next? There already slightly higher than one week ago. You'll remember mortgage rates took a dive last week after that disappointing September jobs report and that sparked a monumental jump in mortgage applications both refinance and purchase up to 25% at the start of one of the biggest sale weekends for housing on fosters annual open house, lots of builders holding Columbus day sales, rates moving higher again. Now we are not talking big time, but higher than last week last for sure. Some mortgage specialists claim there could be a rate hike that is still not out of the question for 2015. So what effect will have on Tampa Bay home buyers? There is still a very tight inventory on the market. Prices are certainly higher and we are seeing very strong demand.
Several surveys in the past week have showed reduced consumer confidence is housing while these small interest rate moves don't really move the needle that much on a monthly payment. The prospects of rates rising in general does get those on the fence and off the fence into a house. At this time of year from October till the end of the year or even around super bowl time, a slow time for mortgage rates,a down time traditionally? We say yes! it is a very slow time especially after Christopher Columbus Day Sales end. It's the end of the spring summer market as people start to head more inside and do not go house hunting as much. You tend to have first time home buyers out in the fall. That's why we as Tampa Bay Realtors & sales associates tend to draw our potential clients in before we see rates rise on the market!