Great start to the week for Mortgage Rates, as US Treasury Yields were sent tumbling on concerns over Spain this morning. The 10 Year Yield hit 1.95 by mid-morning, helping to move mortgage rates lower and dropping the 10 Year Yield to its lowest level since March 7th. European Debt concerns continue to be part of the discussion here at home. Global uncertainty is generally good news for those of us in the housing industry as it helps to drive mortgage rates lower which in turn helps housing affordability here in the Triangle. Yields had moved up slightly by market close Monday, but were still below 2.00%.
According to the National Association of Home Builders, its NAHB Homebuilder Sentiment Index dropped in April to its lowest reading since January, and that drop was the first decline the index has seen in seven months. Nationally, builders are indicating that traffic and interest levels are increasing, but the translation of that interest into contracts is not occurring. Here in the Triangle however, we find a different story. Anecdotally, we’re experiencing that in addition to increased traffic, sales are also picking up steam, with many agents and builders having record years so far into 2012. As we say, Real Estate is so locally specific that the national picture cannot accurately represent what is happening here in Triangle Housing.