Why rate swings simply don’t matter much to many US homebuyers
“From my experience, most buyers make a move because of life events such as marriage, children, school districts, job changes, or simply needing more space,” he said.
“Because those decisions are driven more by timing and personal circumstances than by trying to perfectly time interest rates, spring and summer are typically the busiest homebuying seasons in my area – and that remains true this year as well. Even with rates still elevated, activity has remained strong.”
The US-Iran war, which began at the end of February, has been one of the major factors driving mortgage rates upwards in recent months. Financial markets reacted positively to an apparent détente between the two sides last month, although rates (and oil prices) face an uncertain future with hostilities ramping up again in the past week.
Shraybman, though, doesn’t see a potential further jump in mortgage rates pouring cold water over the summer market in his area.
“When someone is buying because of a major life event, they’re usually less focused on small shifts in interest rates and more focused on the home itself, the monthly payment, and getting settled,” he said.
