Interest rates shut out buyers this month. It seems the hay day of low rates may be long gone. Last week in one day the market jumped the highest one day gain in history from mid 3’s to mid 4’s instantly turning off the engine for some buyers while shattering the dreams of others pushing them into a lower price range than they had hoped for.
I personally do not get why they would jump so high in such a short time. I just do not understand why banks and those with the money can justify such a large increase and so suddenly. Just when the market has recovered we take a huge step in the wrong direction.
FHA rates are also through the roof. I’m working with a set of clients right now who are going to finance their home through FHA and the amount of money they need to close the loan is ridiculous. Seems to me the government forgot who actually owns the FHA program and that would we the people.