My first document

MAGAZINE SNOW PACK

AWORDFROMTHEPACK:

Inventory is steadily rising in Summit County. Not only are we seeing more properties come on the market but we are also seeing more activity with properties going under contract

Lake Dillon has had a lot of fun activities over the past month including pond hockey tournaments, nordic skiing and last weekend there were dog sled races (see above). Such an amazing place here in Summit County

Spring Breaks are happening all over the country so we are excited to welcome them to our beautiful area over the next few weeks. If you are in town let us know...We would love to see you.

As always, if we can do anything to help please reach out!

~ Madeline Snow Mishkind, Leader of the Pack at Snow Pack Colorado

MORTGAGE RATES

What You Should Know About Rising Mortgage Rates

After steadily falling over the winter, mortgage rates have started to rise in recent weeks This is concerning to some potential homebuyers as the combination of higher mortgage rates and higher prices have made homes less affordable So, if you’re planning to purchase a home this year, you too may be wondering if now’s the right time to buy or if you should hold off on your search until rates come back down

The recent uptick in rates has been driven by what’s happening with inflation. Joel Kan, Vice President and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explains:

“Mortgage rates increased across the board last week, pushed higher by market expectations that inflation will persist, thus requiring the Federal Reserve to keep monetary policy restrictive for a longer time.”

The most recent weekly average 30-year fixed mortgage rate reported by Freddie Mac is 65% It’s the third week in a row that rates have increased and puts them at the highest point they’ve been this year

Advice for Home Shoppers

If you’re thinking about pausing your home search because rates have started to go up again, you may want to reconsider This could actually be an opportunity to buy the home you’ve been searching for According to the MBA, mortgage applications declined by 133% in just one week, so it appears the rise in mortgage rates is leading some potential homebuyers to pull back on their search for a new home

So, what does that mean for you? If you stay the course, you’ll likely face less competition among other buyers when you’re looking for a home This is welcome relief in a market that has so few homes for sale.

Bottom Line

Over the last few weeks, mortgage rates have risen But that doesn’t mean you should delay your plans to buy a home In fact, it could mean the opposite if you want to take advantage of less buyer competition. Let’s connect today to explore the options in our local market.