National Mortgage Rates Up — But Purchases Still Climbing | Boise Idaho

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It looks like it is the end for depressed mortgage rates for both Boise homeowners and soon-to-be homeowners. There is a temporary downdraft in home loan applications due to nationally rising rates.
Mortgage applications fell 4% in the first week of July after plummeting 11.7% the week before, according to the Mortgage Bankers Association. ‘The Market Composite Index’ is the measure of mortgage loan application volume — and it decreased 4.0% from a week earlier. (This is based on a seasonally adjusted basis). National mortgage applications so far this July are about a third below their level of a year ago.
It is no surprise to those of us who keep a watch on mortgage rate trends that there has been a drop in applications. However, there is one fact that would not have been as predictable. USA Today notes, “Despite the rise in rates, the four year average for home sales continues to climb since it turned upward in November of 2011.”
What do these contradictory statistics mean for the Boise residents who are preparing to buy or sell a home?
It is time to get moving no matter what end of the equation you fall into at this time! If you are considering selling your home, you are going to want to put your home on the market now! This will allow you to make sure that you can still take advantage of the historically low rates in Boise. Sometimes, we find that rising mortgage rates can cause a last-minute rush to buy a new home. If you are planning on buying a home in the Boise area, due to rising mortgage rates it is time to get going and get that house purchased today!
No matter what, if you are thinking of buying or selling in Boise this summer, I will be right here to help you with your transaction. Pick up the phone and give me a call today and we will discuss the latest price movements in the Boise neighborhoods.

Some homes to view in Boise listed in the last 3 days that are active and updated Monday-Friday except holidays early morning provided by IDX/IMLS:

 

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