When it comes to what’s happening in the housing market, there’s a lot of confusion going around right now. And, if you’re thinking about making a move, that can leave you with a lot of lingering questions.
1. What’s Next for Mortgage Rates?
Mortgage rates are higher than they’ve been in recent years. And, if you’re looking to buy a home, that impacts how much you can afford. That’s why so many buyers want to know what’s ahead for mortgage rates. The answer to that question is: no one can say for certain, but here’s what we know based on historical trends.
Over the past year, inflation was up, so mortgage rates were as well. But inflation is easing now. And this is why the Federal Reserve has recently paused their federal funds rate hikes, which means many experts believe mortgage rates will begin to come down.
2. Where Are Home Prices Headed?
While there’s been a lot of concern prices would come crashing down this year, data shows that didn’t happen. In fact, home prices are rising in most of the nation. Experts say that trend will continue, just at a slower pace that’s much more normal for the housing market – and that’s a good thing.
3. Is a Recession Around the Corner?
While recession talk has been a common thing over the past few years, there’s good news on that front. As experts look at all the leading indicators today, they’re changing their minds and saying a recession is getting less and less likely.
The big takeaway? The data shows there isn’t cause for concern – there are actually more signs of hope. DM me to talk more about the housing market questions on your mind as we head into the new year.
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