Rates Hit Highs
Market Watch posted this article laying out all of the numbers for you about the 10-month high rates. There is one quote in the article that bodes well for homeowners: “As house prices grow less quickly and household incomes rise, the housing market will likely recover from its current slump, but perhaps not before the end of this year.”Â
The article found here describes that Consumer Confidence is at a 10-month low. It’s certainly no coincidence that consumer confidence hits at a 10-month low when rates hit a 10-month high. You may now be thinking, “What does all of this mean?” Well, I’ll defer to a post by Brad Inman for an explanation. He essentially says that low consumer confidence is a good thing because it slows real estate speculation and makes home buyers examine the numbers much closer. Therefore, people are more likely to buy homes that they can afford for the long-term.