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It's was bound to happen. It's a six month cycle. Since June the rates moved lower then spiked uo this Nov-Dec. Look for rates to move lower in April. Rates will continue to climb. They will hit over 6.00%. Then drop to 5% again.Look for a slow market. Good deals on short sales. Until jobs start coming back we will be in a cycle.
If the people make the decision to buy a homr they are going to buy a home. Rates effect how much they buy but not if they buy. Motivated is motivated!The refi guys may be in trouble!
As for the purchase market, FHA and Conventional (for those with good credit) rates are still below 5%, not above. At least that's what we've got. However they are as close to 5% as they have been in about 7 or 8 months...
Sub 5% rates can't continue forever so we'll just be returning to normalcy once they do go back above 5% and I don't think it's going to do too much to my market because 5% is still a phenomenal interest rates and home prices here are not too high, so the increase in rates doesn't affect buyer's purchasing power as much as it does in higher priced markets.
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