Interest rates are climbing, yet the housing market is getting busier! Cathy Baker of Baker Mortgage says people who were uncertain about buying before are realizing the rates will continue to rise - probably in the not-too-distant future. "The rates are going up in a pretty steady pace. What that's doing is making people who have been 'sitting on the fence' realize it's a pretty good time to do it!"
Baker adds: "This is strongly affecting the market - because right now it's crazy busy for a January!" Baker also advises that if you were pre-approved for a loan months ago, you'd best go through approval process again as rates will continue to rise. "They're not hitting so many brick walls when they're going home shopping now, because they're not up against the hot competition we had in Spring and Summer 2021."
We're seeing the highest rate since March 2020. · Mortgage applications to purchase a home rose 2% last week .