"Speaking at NAR's annual conference in Houston, NAR NXT, The REALTOR® Experience, Yun said he expects mortgage rates to ease to around 6% for the year, employment to increase, and the market to stabilize. Steady demand and persistent supply shortages will push home prices 4% higher on an annual basis, Yun added. "Next year is really the year that we will see a measurable increase in sales," Yun said. "Home prices nationwide are in no danger of declining.""
"The U.S. Federal Reserve has cut the Federal Funds Rate twice this fall, and more cuts are expected. Yun noted that while these rate cuts influence mortgage rates, they aren't the only factor in the cost of borrowing for a home, as broader economic factors also contribute to borrowing costs. "As we go into next year, the mortgage rate will be a little bit better," Yun said. "It's not going to be a big decline, but it will be a modest decline that will improve affordability.""
Mortgage rates are expected to ease toward 6% over the coming year, improving affordability modestly rather than dramatically. Employment is projected to increase and the overall housing market is expected to stabilize. Steady demand combined with persistent supply shortages will drive home prices roughly 4% higher on an annual basis. Sales activity is forecast to show a measurable increase next year. Federal Reserve rate cuts have occurred and more are expected, but broader economic factors also influence mortgage borrowing costs. Markets with significant new construction, such as Houston, will see larger affordability gains and attract buyers.
Read at Boston Condos For Sale Ford Realty
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