Weekly Update

The KC Regional Association of Realtors released their March 2014 Market Report, and our local housing market continues to show improvement.
 
The average existing home price was up 5 1/2 percent in March, compared to last year. New and existing homes pending contracts are also up 1 percent. 

At this time last year, geopolitical uncertainty surrounding the Euro debt crisis in Europe was driving mortgage rates lower here at home. Today, international events – this time in Ukraine – are having a similar impact. 

As a rule, markets “dislike” uncertainty. And the prospect of civil unrest and the potential for civil war in Ukraine is causing markets to react. Events like this typically cause investors to seek out the “safe haven” of bonds, including mortgage bonds. As more investors buy mortgage bonds, that usually drives mortgage rates lower.

Bottom Line for Mortgages:
Rates are moving lower to start the week. 
 
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