Industry experts now say that the housing market may be on the mend, as the Federal Reserve keeps future rate hikes on hold, builder confidence holds steady, and other dynamics shift for spring.
Odeta Kushi, deputy chief economist for title insurance company First American says that the housing market is benefitting from volatility in the stock market, “We have a ton of pent-up demand from older Millennials sitting on the sidelines waiting to be homeowners. Lower rates should push up home sales.” Mortgage rates recently hit the lowest level in more than one year, 4.31 percent, CBS News reports.
“The housing market remains poised for a strong spring,” said Joel Kan, associate vice president of economic and industry forecasting for the Mortgage Bankers Association, writing in its most recent report on mortgage applications. Loan application volume rose 2.3 percent earlier this month.
“We are starting to see signs of more new residential construction and inventory, which increases buying opportunities for the many home shoppers who have been hampered by the ongoing lack of supply,” Kan added.
PB Topical Ref
