Interest rates are going slightly higher, supply still low
According to MarketWatch, mortgage rates have been trending higher with the 30 year going above 3% in the last two weeks. Bond yields have risen and so have mortgage rates. The big question now is how high rates can go before it starts to impact buyers. Directly tied to that question is if our inventory levels will increase anytime soon. According to Realtor.com, national inventory levels declined by 48.6% over last year and inventories in the 50 largest US Metro areas declined 47.4% as compared to last February. With more shots getting into arms, more of the economy opening up and stimulus checks going out, the future certainly looks better than it did last year at this time. Locally, prices continue to rise, data below. I have seen inventory picking up some, so curious to see how the Spring selling season turns out this year, so far, still very much a seller's market.
Biden signed a $1.9 Trillion Stimulus Bill Into Law