I hope your week is off to a wonderful start! With the “spring buying season” in full swing, there is a lot of energy in the air. I’ve been keeping a close eye on all the latest market data this week, and I wanted to share some encouraging news about where things are headed.
A Breath of Fresh Air for Rates
The big headline this week is that the bond market is finally finding some calm. We’ve seen a decrease in volatility-what’s often called the market’s “fear gauge”- which has helped interest rates trend lower, reaching their best levels in about a month. In fact, compared to this time last year, the average 30-year fixed rate has seen a meaningful improvement of over half a percentage point.
While we did see a tiny bit of upward pressure this week due to global tensions and employment data, the overall trend remains much more borrower-friendly than it was in March.
Where the Homes Are (and Aren’t)
If you’ve been out house hunting, you know it’s a bit of a tug-of-war. Here is what I’m seeing:
• The Resale Squeeze: Home sales surged over 30% in March compared to February, but total listings are still down from last year. This “supply-demand imbalance” is keeping home prices firm.
• The New Construction Boom: Because existing homes are hard to find, many of my clients are turning to new builds. Mortgage applications for new homes jumped 11% year-over-year in March. Builders are often offering great incentives right now to help with affordability.
• The “Love the One You’re With” Trend: Interestingly, about 71% of people planning upgrades next year are choosing to renovate rather than move. If you’re looking to stay put but need more space, we should chat about home equity options to fund those projects!
What’s Next?
Next week should be quieter as the Federal Reserve enters a “blackout period” ahead of their April meeting. Without the usual headlines, the market will be focusing purely on data like retail sales and housing reports.
Whether you’re looking to buy, build, or renovate, I’m here to help you navigate these shifts. My goal is always to make sure you feel confident and cared for in your financial journey. My door is always open! Please simply send me an email, or you can call/text me at 818.307.607
