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This is recent news about the correlation between mortgage rates and buyers in the market, it's frustrating all around - to people who want to buy and homeowners who want to sell. Read about this in the article here. But then, what is better news?
When rates fall, we see what happens, home prices go up, sometimes sky rocket from bidding wars (great for sellers) - not for buyers though. So, it's pay a higher price for a home when interest rates are low, or pay a higher interest rate for a home that you'll probably get at market value and not over pay. There are people that do have to move and don't have a choice about it, and this is the market that they are currently in. Can you imagine if in today's market if the interest rate goes to double digits like in the 1970's & 80's?
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