Rates moved higher again. 30-year fixed mortgage rates climbed to around 6.6% this week, up from 6.5% last week.

The driver remains the same, geopolitical uncertainty in the Middle East is keeping oil prices elevated, which continues to push inflation expectations higher. Until that changes the bond market will keep mortgage rates under upward pressure.

For Buffalo buyers the window that briefly opened in February continues to narrow. The question is no longer whether rates will drop back to where they were, it's how long they stay elevated.

When a buyer gets pre-approved their interest rate isn't guaranteed until they lock it. A rate lock is an agreement between the buyer and the lender that secures a specific interest rate for a set period of time while the transaction closes.

Most rate locks run around 45 to 60 days depending on the closing timeline. If the lock expires before closing the buyer may face extension fees to keep the rate secured.

Buyers have two choices. Lock the rate and have certainty on their monthly payment. Or float and wait hoping rates improve before closing.

In a market like right now where rates have climbed to 7 month highs floating carries real risk. If rates continue rising a buyer who floated could end up with a higher payment than expected. Locking provides protection against that uncertainty.

One of the most useful conversations an agent can have with a buyer early in the process is simple.

"Have you talked to your lender about whether to lock your rate or wait?"

Most buyers don't know this decision exists until it's almost too late. The earlier that conversation happens the more options the buyer has.

The chart below tracks the 10-Year Treasury yield, a key indicator I monitor to gauge short-term pressure on mortgage rates. When yields rise, mortgage rates typically follow. When yields ease, mortgage pricing tends to stabilize.

Each week the Buffalo Mortgage Market Brief highlights a real estate professional actively working in the Western New York housing market.

This week's WNY Agent Spotlight features Chelsea Dominick with HUNT Real Estate, based out of the Lockport office.

Chelsea works with buyers and sellers across Erie and Niagara County, bringing local market knowledge and hands-on experience to every transaction. Known for her responsiveness and attention to detail, she has built a reputation for delivering consistent results for her clients throughout the buying and selling process.

📍 Areas served: Lockport, Wheatfield, and Niagara County

Know a great agent making an impact in WNY? Reply to this email to nominate them for a future spotlight.

Troy Pulli | HUNT Mortgage

This newsletter is for informational purposes only and does not constitute financial or lending advice.