Market of the Moment - 4/1/2022

[Alan Walker]

Welcome to the second quarter of Utah’s favorite game “NAME.THAT.MARKET!” Interest rates are going up quickly. I’m hearing between 4.5-5.5 depending on credit score. Think about that, under 3% at the beginning of the year to 4.5-5.5 in 3 months. The market is changing. Based on current stats, no one’s told buyers or sellers that. Still piping hot. But here’s the T, when borrowers that locked in the last 30 days, start hitting their lock expirations in 30,60,90 days, what does THAT do to the market prices? When a 600k house is now 3,000 per month versus 2,000. Exciting times ahead! Stay tuned!