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2020 real estate forecast
President’s MessageRobert Bolar As 2019 draws to a close, it’s time to start looking ahead to 2020. In the real estate market, conditions next year will be much like they were this year. Key characteristics will include low mortgage rates, rising home sales and increasing home prices. These predictions come from Lawrence Yun, chief economist of the National Association of Realtors, who recently presented his 2019-2020 housing forecast at the annual Realtors conference in San Francisco. For 2019 as a whole, he expects a 9% increase in new home sales nationwide, a 1% increase in existing sales, median price growth of 4.3% and an average of 4% for a 30-year fixed-rate mortgage. For 2020, his forecast looks similar except Yun …
Drop in mortgage rates could mean big savings
President’s MessageRobert Bolar The fall housing market is showing some signs of heating up even as the weather cools down. That’s because a tumble in mortgage rates has encouraged many buyers to make a move — potentially saving them thousands on their mortgage. For the week ended Oct. 10, the 30-year fixed-rate mortgage averaged 3.57 percent, according to mortgage giant Freddie Mac. That’s significantly lower than last year when rates averaged 4.90 percent. In fact, the rates in September and October are the lowest they’ve been since early 2013. Fifteen-year rates are even lower, averaging 3.05 percent compared to 4.29 percent last year, according to Freddie Mac. The plunge in rates equates to thousands in savings. For example, at a …
