Yoda's Tips for the Mortgage Market: Rates Shoot Higher, Jedi Mind Tricks Unsuccessful

Rates Strike Back: Mortgage Rates Hit Highest Level in Two Months

Yoda senses a disturbance in the mortgage market as rates shoot higher. The average rate on the 30 year fixed mortgage has jumped to 7.14% a level not seen in two months. This news is giving homebuyers a bad feeling.

A New Hope: Optimism for Lower Rates Quickly Fades

"Rates are still almost a percent lower than they were in October," says Matthew Graham chief operating officer at Mortgage News Daily. But Yoda warns that optimism for lower rates in 2024 has abruptly given way to skepticism. The Force may not be strong with this one.

The Phantom Buyer: Lower Rates Drive Sales of Newly Built Homes

In December sales of newly built homes soared 8% thanks to lower mortgage rates. Yoda sees buyer traffic improving as interest rates decline but cautions that many prospective buyers still find mortgage rates too high. Will the Force be with them?

Attack of the High Home Prices: Demand Remains Strong Despite Obstacles

Despite high home prices and a low supply of homes for sale demand remains strong. Yoda observes that many more buyers will enter the marketplace if mortgage rates continue to decline this year. The Force of pent up demand is strong.

The Empire Strikes Back: Rising Rates Could Dampen Spring Housing Market

President's Day weekend marks the unofficial start of the spring housing market but this new upswing in mortgage rates could drive buyers away. Yoda warns that when rates flattened in January both signed contracts on existing homes and new listings weakened. Will the Force awaken in the market?

Return of the Jedi Mind Tricks: Can Yoda Use the Force to Lower Mortgage Rates?

Yoda contemplates using Jedi mind tricks to lower mortgage rates but realizes he must rely on economic forces instead. The path to lower rates is uncertain but Yoda remains hopeful. "Do or do not. There is no try," he says.