Is now a good time to buy a house?In terms of borrowing power, the answer is probably yes. According to a Jan. 16 report on FreddieMac.com, the 30-year fixed-rate mortgage averaged 3.65 percent at the start of the year.
“By all accounts, mortgage rates remain low and, along with a strong job market, are fueling the consumer-driven economy by boosting purchasing power, which will certainly support housing market activity in the coming months,” the report also stated. “While the outlook for the housing market is positive, worsening homeowner and rental affordability due to the lack of housing supply continue to be hurdles, and they are spreading to many interior markets that have traditionally been affordable.”
A group of economists gathered at the end of 2019 for the first National Association of REALTORS® Real Estate Forecast Summit also said that they expected mortgage rates to remain relatively low, predicting average annual 30-year fixed mortgage rates of 3.8 percent and 4.0 percent for 2020 and 2021.
Bob Abner is a highly respected, top producing, full time, Realtor for over 30 years and is an expert in the Northern Kentucky real estate market.
Give Bob a call at 859-760-1660
Email Bob at BAbner@huff.com
Visit Bob's Website: http://www.bobabner.com
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