Has Spring begun to have sprung?
I know the ground hog said six more weeks of winter. I am also aware of the miserable weather in many parts of the country. However, I am also seeing an increasing number of people seeking pre-approvals or asking about programs and costs. While winter weather may still be with us, it appears that the consumer has started to move into the spring buying process in many parts of the country.
The good news is that rates have moved lower in the past week and with a little luck, we might get past all the economic data today and Friday and close the week with solid improvement in the bond market that helps rates improve for the consumer! Any time we can get better pricing; we are sure to see improved consumer interest.
With all of this in mind, it is very important to not only remain focused on your current pre-approvals to be sure they are seeing property; but it is also important that you take a quick look at past pre-approvals as well as past clients to see if today’s rates are something they can take advantage of, especially on the buy side of the market. We all know once the spring activity level increases, the likelihood of seller’s concessions decreases as home prices and multiple offers increase! So, get people excited about getting out there to take advantage of current inventory and limited activity to secure their home now, and if rates continue to go lower, you can always refinance them later!
Today we will get initial and continuing jobless claims, GDP, Durable Goods orders, and Pending Home Sales; Friday will bring us the PCE numbers that the FED likes to follow. Any or all of these could easily put pressure on the bond market one way or the other, so pay attention to the numbers and don’t get blindsided one way or the other!
As always, if you have questions or comments: [email protected]
