I Speak for home buyers trying to get qualified for a mortgage. With the bond yields up, rates are also up. Qualified borrowers need to double check with their lender. What a difference a week makes.

On a positive note, Builder Confidence increased 7 points from 35 to 42 from a scale 1-100. To fully appreciate the increase, put yourself in the builders shoes. Existing home owners benefit as they are living in their home even if they can’t sell.

Builders on the other hand hold the inventory from start to finish and beyond. They have all the skin in the game and take all the risks. To see positive movement is a huge plus.

We are floating our clients locks as we feel the bond market is oversold and will rebound next week.