As the stock market declined, so did mortgage rates offering a bad new-good news situation.
For 2020, the National Association of REALTORS’ Chief Economist, Lawrence Yun, sees good news for home prices.
“Buyer demand continues to be strong, especially given the supply constraints.”
Prices increased in year-over-year comparisons, and this will likely remain the case for the rest of the year.
Fannie Mae is predicting that continued low rates and possibly lower rates are expected in 2020.
October 3, 2019
While mortgage rates generally held steady this week, overall mortgage demand remained very strong, rising over fifty percent from a year ago thanks to increases in both refinance and purchase mortgage applications. As economic growth decelerates, it is clear that low mortgage rates will continue to support the mortgage market and we expect that to persist for the remainder of the year.
Information provided by Freddie Mac.
“There’s a lot of interest in the housing market and how a changing economy affects one’s position within it.”
Home price growth has slowed and now more closely matches income and wage growth – a healthy development.
Despite strong buyer demand, sales totals are lower due to a lack of affordable supply