LIME REALTY GROUP recently read an article from the U.S. Consumers Office outlining consumer expectation for the mortgage rate for the rest of this year and next year. Although this article doesn’t qualify as an actual forecast, it does show us what consumers (i.e. people like you who are currently in the market to buy or sell), are expecting to happen.
Whether they are buying or selling, most people in the market today expect two things… The rate will go up and the value of homes will rise.
Historically, today’s rates are extremely low, but if you compare them to earlier this year, they’re not so great. In February of this year, Freddie Mac reported mortgage interest rates one half-point lower than what they are today.
June’s Fannie Mae survey shows U.S. consumers planning for higher home prices in 2016, too. According to the survey, just 7 percent of those polled said that home prices would drop between now and next year.
Analysts are forecasting a rise in rent prices. Rent is expected to rise more than 4% in 2016. That indicates home values will also rise.
If you’re interested in reading the article, you can view it by following this link…
The one thing you can take away from this article and the general atmosphere of the home buying market is that most people feel like it’s a good time to buy a home.
If you feel like it’s a good time for you to buy a home, contact the only clear choice in real estate for Southern Utah. Call Lime today!