As developers find clever ways to cut mortgage rates, the Fed may fight back
, which is just around the corner, brings many fine traditions. The crack of the bat on baseball diamonds. Children rolling Easter eggs on the White House lawn. Families putting out dusty, old furniture in yard sales. There is, though, one ritual that towers above all others in its sheer financial importance: spring selling season, when the housing market comes to life—or, on rare occasions, fails to do so.
But recently, signs of an early and largely unexpected rebound have emerged, prompting concerns that higher rates are not having the desired effect. New home sales jumped in January to a ten-month high. Surveys gauging the confidence of both homebuilders and homebuyers have improved. America’s property companies have reported more visitors to their show homes.
This is a clever bit of financial engineering. John Burns, a property consultant, calculates that prepaying 6% of a mortgage upfront, and obtaining lower rates for the life of the mortgage, works out as big a saving for buyers as cutting home prices by 16% but leaving them with higher rates.
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