{"id":15934,"date":"2013-06-27T16:26:47","date_gmt":"2013-06-27T23:26:47","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=15934"},"modified":"2020-10-06T17:08:39","modified_gmt":"2020-10-07T00:08:39","slug":"home-buyers-reaction-to-mortgage-rates-spike","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-buyers-reaction-to-mortgage-rates-spike\/","title":{"rendered":"Home Buyer&#039;s Reaction to Mortgage Rates Spike"},"content":{"rendered":"<p>During the peak summer home-buying season, macroeconomic factors have shaken things up a bit. Federal Reserve Chairman Ben Bernanke announced a tapering of bond buying if the economy continues to improve, and the markets reacted. Last Friday, June 21, saw an especially steep spike with interest rates jumping from 3.9 to 4.5 percent. Naturally, Redfin was paying especially close attention to the numbers that indicate homebuyer demand over the weekend to gauge the reaction. In short, there was nothing dramatic.<br \/>\nThe number of people making offers on homes increased 4 percent over the weekend, compared to an average of the prior three weekends. There was a 1 percent increase in customers making offers.  This indicates that people farther along in their <a href=\"https:\/\/redfindevelop.wpengine.com\">home search<\/a> accelerated in an effort to lock in a rate. However, new customers contacting Redfin dropped 11 percent when comparing last weekend to the average of the prior three, indicating that people just starting the process might be deterred.<br \/>\n<a href=\"http:\/\/blogs.wsj.com\/developments\/2013\/06\/26\/retreat-not-panic-how-home-buyers-reacted-to-the-rate-spike\/\">More from the Wall Street Journal and Redfin CEO, Glenn Kelman<\/a><br \/>\n<img fetchpriority=\"high\" decoding=\"async\" style=\"margin-top:40px\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2013\/06\/p1-OB-XZ290_Redfin_F_20130626095858.jpg\" alt=\"rising interest rates and rising offers\" width=\"571\" height=\"226\" class=\"alignnone size-full wp-image-15937\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2013\/06\/p1-OB-XZ290_Redfin_F_20130626095858.jpg 571w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2013\/06\/p1-OB-XZ290_Redfin_F_20130626095858-300x119.jpg 300w\" sizes=\"(max-width: 571px) 100vw, 571px\" \/><br \/>\n<img decoding=\"async\" style=\"margin-top:40px\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2013\/06\/p2-OB-XZ292_Redfin_F_20130626100321.jpg\" alt=\"rising interest rates and rising tours\" width=\"571\" height=\"226\" class=\"alignnone size-full wp-image-15938\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2013\/06\/p2-OB-XZ292_Redfin_F_20130626100321.jpg 571w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2013\/06\/p2-OB-XZ292_Redfin_F_20130626100321-300x119.jpg 300w\" sizes=\"(max-width: 571px) 100vw, 571px\" \/><br \/>\n<img decoding=\"async\" style=\"margin-top:40px\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2013\/06\/p3-OB-XZ293_Redfin_F_20130626100850.jpg\" alt=\"rising interest rates and slowing initial contacts\" width=\"571\" height=\"226\" class=\"alignnone size-full wp-image-15939\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2013\/06\/p3-OB-XZ293_Redfin_F_20130626100850.jpg 571w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2013\/06\/p3-OB-XZ293_Redfin_F_20130626100850-300x119.jpg 300w\" sizes=\"(max-width: 571px) 100vw, 571px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>During the peak summer home-buying season, macroeconomic factors have shaken things up a bit. Federal Reserve Chairman Ben Bernanke announced a tapering of bond buying if the economy continues to improve, and the markets reacted. Last Friday, June 21, saw an especially steep spike with interest rates jumping from 3.9 to 4.5 percent. Naturally, Redfin [&hellip;]<\/p>\n","protected":false},"author":13515,"featured_media":15937,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[74],"coauthors":[],"class_list":["post-15934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-mortgage-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Home Buyer&#039;s Reaction to Mortgage Rates Spike - Redfin Real Estate News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/home-buyers-reaction-to-mortgage-rates-spike\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home Buyer&#039;s Reaction to Mortgage Rates Spike\" \/>\n<meta property=\"og:description\" content=\"During the peak summer home-buying season, macroeconomic factors have shaken things up a bit. Federal Reserve Chairman Ben Bernanke announced a tapering of bond buying if the economy continues to improve, and the markets reacted. Last Friday, June 21, saw an especially steep spike with interest rates jumping from 3.9 to 4.5 percent. 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