Luck refers to that which happens to a person beyond that person's control. This view incorporates phenomena that are chance happenings, a person's place of birth for example, but where there is no uncertainty involved, or where the uncertainty is irrelevant.
Average rates on 30-year fixed-rate mortgages have climbed in recent weeks by about a quarter-percentage point, from 3.75 percent to almost 4 percent â about a $600-a-year difference on a $350,000 mortgage. Several sources of data suggest that buyers are paying more attention to the threat of higher rates.
Even if mortgage prices are moderately high, rising house prices can make for a sellerâs market if housing is not plentiful. If, however, an oversupply of housing exists, interest rates are high and prices are steady, the average time might lengthen to as much as a year.