Mortgage Rates Follow Suit
The combination of rising rates, a strong economy, job growth, and a tapering off in home prices creates the perfect recipe for buyers to take action now.
"As long as there is job growth, rising mortgage rates will hinder some buyers; but job creation means second or third incomes being added to households which gives consumers the financial confidence to go out and make a home purchase."
— Lawrence Yun, NAR chief economist
Sources:
[1] Federal Reserve, Open Market Operations, September 2018. [2] Freddie Mac, September 2018. [3] The Conference Board, Consumer Confidence Survey®, September 2018. [4] Bureau of Labor Statistics, Employment Situation report, August 2018. [5] CoreLogic, a data and analytics company, Home Price Insights report, August 2018. [6] National Association of Realtors® (NAR), Existing-Home Sales, August 2018. [7] U.S. Census Bureau, Monthly New Residential Sales, August 2018. [8] U.S. Census Bureau, Monthly New Residential Construction, August 2018.