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Merry Christmas and happy holidays to all!

The holiday season hasn’t stopped home buyers this week. Some 39 homes were snatched up by buyers, while only 18 new listings came on the market this week before Christmas. Housing demand in Arlington remains strong and steady.

The big news is that interest rates continue to surge, increasing by 16 basis points just this week. The 30-yr fixed rate rose to 4.41%. Long term interest rates like mortgages are influenced by the yield on the US Treasury 10-yr bond, and that yield rose this week on more news of a strengthening economy. The latest revision this week of economic growth for the 3rd quarter puts the GDP at 3.5%.

So investor money has moved away from US treasuries and into the stock market. There’s also been a drop off of international investor money flowing in to treasuries which has pushed the yield up. We can expect this trend to continue into 2017. So we should see mortgage rates to continue a slow steady rise into next year. For would-be homebuyers, the lesson is clear. Ratify a contract the soonest possible so you can lock in your interest rate before rates climb any higher.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

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