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Across the US, 6.4% of sellers issued a price cut in the month leading up to May 26
With Mortgage rates jumping above 7% again, this is pulling some buyers from the playing field. So if you are active in the market you may find a great opportunity right now.
Mortgage rates can change based on how the bond market reacts to what the Federal Reserve is doing with interest rates, and on changes in the 10-year Treasury yield, which affects how lenders set rates for home loans.
This week, the yields went up because there was worry that not enough people were buying Treasury bonds after some government auctions.
As seasonality hits and mortgage rates jump, we can expect some softening in the market through out the summer.
Keep these economic factors in mind on your real estate endeavors and let me know how I can help.
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