Open houses and rate cuts.
The last 6 weeks have been a roller-coaster for mortgage rates in my part of the world. The rates would go down 0.3% one week, then go up 0.2% next week, then go down another 0.3%, and so on. The general direction is down, of course. I've been following the open house activity for these 6 weeks. My conclusion: there definitely exists a correlation between open houses and weekly mortgage trends. If Bankrate.com says on Tuesday that rates edged up during the last week, you can expect to see an increased number of open houses on Sunday. If Bankrate says the rates edged down, you are likely to see very few open houses being scheduled. In both cases it is the same inventory that the agency is trying to move. Just wondering if anyone else observes a similar correlation in his neighbourhood?