This is a YouTube video titled "Mortgage Rate Lock Numbers are Up! ⬆️ #homeloans #firsttimehomebuyer #mortgage #homebuyer" created in February 2024. The content is a monologue or presentation discussing recent trends in the housing market, specifically the increase in mortgage rate locks and home purchase activity early in 2024, aimed at prospective homebuyers.
If you're looking to purchase a new home this year, you probably want to hear this. Going into 2024, I made a prediction of 5% plus increases in home values and 10% plus increase in overall purchase activity. I think I might have way underestimated this. And we're just one month into the new year. If you compare December 23 versus January 24, new rate locks are up 38% for purchases across the country. 38% more people are starting the mortgage process. If we unwind this back in November, I talked about how open house numbers were up. In December, I talked about how pending home sales were up. January rate locks are up. February clos will be up. March, it'll hit the headlines of April. Everybody will react to it. But that time it's too late. If you wait that long. The window is closing in. As more and more buyers jump into it, they see the headlines pop up in a few months. That's when the buy frenzy happens. That's when home prices go up. So we're trying to get the cutting edge from the front lines to get the best deal of your new home.
