• Prior -6.5%
• Market index 307.4 vs 288.4 prior
• Purchase index 225.0 vs 208.2 prior
• Refinancing index 735.5 vs 709.5 prior
• 30-year mortgage rate 5.65% vs 5.40% prior

Despite a jump in the average mortgage rate to its highest since 2008, more homebuyers were in the market in the past week with both purchases and refinancing activity ticking higher. I reckon that could be a rush before the Fed tightens policy further this week. In any case, purchase applications are down more than 15% from last year so that tells the story better.

This article was written by Justin Low at www.forexlive.com.

Here’s a snapshot at Treasury yields on the day:

• 2-year yields down 13.9 bps to 3.295%
• 5-year yields down 12.9 bps to 3.468%
• 10-year yields down 10.8 bps to 3.375%
• 30-year yields down 5.9 bps to 3.373%

That’s a bit of a climb down as bond sellers book profit ahead of the Fed later in the day. There isn’t much else to comment on the action today as it all comes down to what Powell & co. has to offer later.

The dollar is also taking some off the top after its surging run in the past few days. From a technical perspective, there is little to note despite some of the moves being rather modest. GBP/USD is up 0.9% to 1.2100 while AUD/USD is up 1.0% to 0.6940 on the day but the former remains on edge amid a test of 1.2000 yesterday while the latter is still keeping below 0.7000, so sellers are still more favoured for now.

This article was written by Justin Low at www.forexlive.com.

It’s very much the same old stuff from Kishida. The BOJ has bigger concerns at the moment as 10-year JGB yields are straying offside from their implicit cap of 0.25%:

The yen may be getting a bit of a reprieve on the day as the dollar shakes off some of its gains and Treasury yields are on the retreat ahead of the Fed. However, if the BOJ continues to throw the kitchen sink in order to maintain yield curve control, it is tough to see yen gains qualify as anything but temporary.

This article was written by Justin Low at www.forexlive.com.

First-time homebuyers
may feel overwhelmed by pretty high home prices and the highly competitive real
estate market. Still, that is enough reason to give up immediately on your
search for a decent house.

 

There are several
things that you can do differently to acquire your new home. With patience,
determination, and wit, you may be able to bring yourself to the closing table.

To further help you
out, here are four pieces of advice that can aid you in your pursuit of buying
a new house. 

 

Make the Smart Choice

 

Timing is vital in the
housing market, and finding the right real estate agent can help you avoid
missing out on possible home options when they appear.

 

In looking for the
right agent, you would need someone, who is well-informed about the area, has
been in the business for quite some time, and is an expert negotiator. They
should also be taking note of your search to help you find more potential
homes.

 

Working with a real
estate agent who is already familiar with the area can be helpful as they could
have connections with other agents, which may allow you to know about a house
before it even comes up on the multiple listing service (MLS). As mentioned
above, timing is vital in the housing market.

 

Don’t Settle for
Something You Don’t Want

 

While changing your
main home requirements that can be achieved within your budget is tempting, you
need to be patient.

 

Your search may show
the same homes you already looked at, but that is not enough reason to start
thinking about whether you’re okay with having that extra bathroom or pool.

 

When you settle for
features that you don’t need or want for your house, your stay in that new
place could be short-lived, and you may end up selling the property again.

 

Stick to the Path

 

After making your
latest offer, the fear of missing out (FOMO) can quickly get you. However,
overbidding so that you can acquire the house you want could cost you
significantly in the long run.

 

If you paid more than
what you can afford, you may find yourself unable to enjoy some downtime in
your new home as much as you would like due to a lack of sufficient money.

Therefore, it’s
important to stick with your price. That way, you can fully savor the good
things that could happen in your new home. It would also help to check houses
under your actual budget, so you have the opportunity to pay above the asking
price without risking too much of your finances.

 

Make an Offer with an
Impact

 

This is not all about
your offer price. For example, the seller may need to close the deal
immediately or had other offers fail. Perhaps including conventional financing
or a no contingencies clause that could help close the deal quickly would give
the seller some encouragement.

 

Establishing a genuine
connection with your seller may also help. For instance, you can provide them
with a personal note with your family picture attached to it.

 

That would let them
know that you’re not buying the house just to demolish it, or you’re just
someone who is looking to move
closer to their parents or relatives.

This article was written by ForexLive at www.forexlive.com.