14% Increase in Home Buyers Signing Contracts in January and February
Scott P. Rogers
Mortgage interest rates are edging up again, as you may have heard. The average 30 year fixed rate at the end of February was 4.4% -- up from 3.9% just three months prior.
Could this (slight) rise in the cost of financing your home be affecting the pace at which buyers are signing contracts? Possibly.
It seems that 14% more buyers signed contracts this January and February as compared to last year during the same timeframe.
This is a likely indicator that we'll see stronger months of closed sales in March and April.
Then, the questions will be....
- Will the pace of contract activity keep increasing?
- Will mortgage interest rates keep increasing?
Let's hope for yes and no, in that order.
