Trade tensions with China continue to help keep mortgage rates low. Although more talks are expected, new tariffs could be imposed any time. Overseas central banks kept rates unchanged this week. Since many overseas investors buy U.S. Treasuries and bonds, this helps keep rates low. The Fed meets next week for their Federal Open Market Committee meeting. They are expected to raise policy rates, but mortgage rates should be unaffected.
Homes for sale are not lingering on the market for long. Properties typically sold in 27 days, shorter than the 30-day median from a year ago. Although mortgage rates have moved up a bit, mortgage purchase applications were actually up 1% over the previous week and were up 4% over last year. Younger Americans are waiting longer to get married, according to CNBC. However, marrying later means they could have more money for home buying.
Year-to-Date Rate Tracking