The 30-year fixed mortgage rate fell sharply this week, hitting a new record low at 2.67%. NAR forecasts the 30-year fixed-rate mortgage to average 2.9% and 3.0% in the first and second quarter of 2020, respectively.
Affordability declined in October compared to September as the median family income rose by 3.3% while the median home prices grew by 16.0%.
Homeownership is the key pathway to build wealth and narrow the racial income and wealth inequality gap.
The 30-year fixed-rate mortgage remained flat this week after reaching a new record low a week earlier to an average of 2.71%.
The annual inflation rate rose for the sixth straight month in November as the economy gradually recovers from the COVID effect.
Cyber Mondays’ $10.8 billion represents a 15.1% year-over-year increase.
The job numbers show that e-commerce, housing demand, COVID-19 research/testing, and information technology services have been the factors driving job growth during May-November.
The unadjusted new jobless claims totaled 713,824 in the week ending November 28, a decrease of 15% from the previous week.
With teleworking at record high levels, people also decide to move for various reasons.
Jobs recovery becomes even more important to sustain homebuying. Jobs are also critical for commercial real estate.
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