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U.S. needs to put attention on rental, first-time buyer markets.
The 30-year fixed-rate mortgage rose to its highest point since April.
Fannie Mae and Freddie Mac announce they will continue to offer forbearance to qualified multifamily owners.
Home buyers can still lock in some of the lowest borrowing rates of all time.
The Fed announced it would soon begin tapering its bond purchases. That will likely send mortgage rates higher.
However, NAR predicts rates will rise to 3.5% by mid-2022 as the Fed likely will start reducing its bond purchases soon.
Just when the housing market was starting to fall into a seasonal pattern, mortgage demand takes off.
But even with low rates, the market is seeing a noticeable slowdown—a more typical seasonal pattern, NAR notes.
Loan applications for home purchases are down 18% from a year ago.
The agency’s First Look Program, which promotes owner occupancy, now allows buyers 30 days to exclusively bid on foreclosures.
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