There is currently more demand for homes than there are homes on the market. Not only is this driving up prices and creating bidding wars, it is also drastically reducing the time it takes to sell a home. If you list, be prepared to move fast. Sellers are being flooded with offers, and most houses are being sold within a week of being listed.
| Today’s Mortgage Rate | 2.896% |
| Change From Yesterday | +0.029 |
| Change From One Week Ago | +0.089 |
| Change From One Year Ago | -0.149 |
| Today’s Mortgage Rate | 2.188% |
| Change From Yesterday | -0.019 |
| Change From One Week Ago | -0.043 |
| Change From One Year Ago | -0.445 |
Low supply in the housing market is fueling a surge in housing prices, bidding wars, and fast paced sales cycles. Sellers are being flooded with offers the day their house is listed, and most homes will not stay on the market for more than a week. This is the time to cash out of you want to sell, but make sure you are ready to move immediately before you list.
Economists say that global financial uncertainty in the face of the new Delta variant of the COVID-19 is the driving force behind the historically low mortgage interest rates and ten year treasury yields. Investors are hesitant because the economic recovery could be stalled or reversed by another wave of lock-downs.
The real-estate boom has appraisers over-worked and burnt out. The time it takes to complete and appraisal and the costs of appraisals have both increased. While most homeowners will be able to accept an offer within a week of listing their home, getting the appraisal needed for closing may take a thirty to sixty days.
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