It’s been an eventful 4 weeks, again. Conventional rates dropped from their high of 7.1% on March 2nd to 6.1% by April 5th.
Rates defied industry predictions once again and rose over a point from 5.99% to 7.1% between February 2nd and March 2nd.
The spring season combined with mortgage rates briefly stabilizing between 6.0-6.2% contributed to an 86% increase in accepted contracts.
After a 4-week Buyer Market from November to December, the ratios of supply to demand are moving Greater Phoenix back into a Balanced Market.
Buyer demand has been more reactive to mortgage rates than normal, but that’s to be expected at the rate of increase we’ve seen this year.