The stock market rallied this week on relatively good news from earnings from many sectors. Then Bank of America had their conference call and report. They lost $1 billion last quarter. The stock market did not like that news. I will take it for right now as that will buoy bonds today. We have seen profit taking the last few days in the bond market and that means higher interest rates for borrowers.
Advise for buyers or potential buyers on the fence, jump off!!! Rates will not stay at the 5-5.25% range forever. We have been here much longer than anticipated. I know getting a contract on a house right now is difficult, but perseverance and patience will ultimately pay off. Don't get out of the market, cast a wider net.
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