Economy and Housing Market
As the economy improves, mortgage rates could dip as low as the 4% range, bringing buyers back to the market.
Pending home sales continued to fall in October as higher mortgage rates shook buyer confidence. Read more from NAR’s latest home sales report.
October’s lower inflation rate is a welcome sign for a housing market that’s seen steady declines in 2022.
From 2022 NAR NXT, The REALTOR® Experience, Nov. 11-13, Orlando, Fla.
The third quarter may have marked the end of price surges as higher mortgage rates put a damper on projections for property appreciation. Read more from NAR’s latest report.
Economists eye two possible scenarios: Rates could rise to 8% or higher by the end of the year, or they could stabilize. Know what to expect.
Persistent inflation is proving “quite harmful to the housing market,” says NAR Chief Economist Lawrence Yun.
Rising interest rates have increased the average monthly loan payment by a whopping $1,000 year over year.
Despite signs of a housing recession, some buyers will be back to try again.
NAR Chief Economist Lawrence Yun paints a picture of what could happen with borrowing costs once it passes a critical threshold.