As of Friday, March 23rd, the housing market saw a slight increase in mortgage rates just over the last 7 days and has slowly ticked up over the last 2 weeks. It is anticipated that they will remain flat for just a short period of time before they start to rise again, and they will rise.
New home sales nationally, declined for the second consecutive month in February, falling 1.6 % from the week prior, but still up 11.4 % from February 2011. Parts of North Dallas (Frisco, McKinney & Allen) did not see this decline but instead experienced an increase in new home sales by 6.5 %, on average. New construction permits for Frisco rose 36% with the opening of 3 new home construction developments.
Next week is the week to watch as some housing data is reported, followed by Durable Goods Orders, Jobless Claims and Personal Income. If this data is positive, we can expect further increases in mortgage rates. These can be affected by news from the Fed, China, Europe and especially Greece.
I'm sure I sound like a broken record, but NOW IS THE TIME TO SELL, OR BUY OR REFINANCE! There is a risk that the rates will rise further, and faster, if you wait any longer.