That means one thing. Your buyers cannot qualify for as much of a mortgage as they used to!!!
That's right, if your buyer has not locked a loan (and if they haven't signed a contract yet, guess what) they are more than likely not "pre-approved" anymore. That means you need to rethink your list of homes that you should be taking your client to this weekend.
The fact of the matter is that interest rates have risen as much as .75% in the last month, and up to .50% just in the last 2 days. If you are not aware of the impact this has on your buyer, you could be wasting a lot of time this weekend.
Here is an example of what I mean by impact...
You have a client who is looking to buy a home. In order to get one of the homes you have been taking him to, he needs to get a $300,000 mortgage. Well, a while ago the rate would have been 6.00% giving them a $1,798.65 P&I payment. Now, the rate has gone to 6.75%, since this client is limited to a monthly P&I of $1798.65, they now only qualify for a loan of $277,000!!!
This could be happening to you buyers and even to many of those buyers that already have contracts, so go back and make sure your clients are still qualified for the home that you are showing them or the home they have a contract on.