A couple positive trends have started to emerge that impact the Housing Market. Mortgage interest rates for a 30-year fixed rate loan have dropped to new lows, right as reports show that the economy is hitting all time highs!
These two factors have helped keep housing affordable despite low supply of houses for sale driving up prices.
Mortgage interest rates had been on the rise for most of 2018 before reaching their height in November at 4.94%. According to Freddie Mac’s Primary Mortgage Market Survey, interest rates continue to come in at all time record lows.
Average hourly earnings grew at an annual rate of 3.2% in March, up substantially from the 2.3% average pace seen over the last 10 years.
These two factors contributed nearly $6,000 worth of additional house-buying power for median households from February to March 2019, according to First American’s research.
Low mortgage interest rates continue to make housing affordable throughout the country. If you plan on purchasing a home this year, act now while rates are still low!
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