Mortgage rates pulled back below 8% last year, remaining elevated but plunging by the highest rate in 16 months. First American Chief Economist Mark Fleming reacts to the slip in fixed mortgage rates and what may encourage homeowners to enter the U.S. housing market.
“There is sort of psychological handles around the main numbers, so getting back below 7% would be really good,” Fleming tells Yahoo Finance on mortgage rates. “Getting back below 6 [or] a 5% range mortgage rate, I think, would really begin to make people sort of say, ‘Well, look, I’ve lived in my house a few years, I know my mortgage rates maybe a little bit lower, but I still want to move.'”
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7.61! chet
Yea, no! The monthly payment is still waaaaay too high.
First time home ownership is a thing of the past in America just like Germany.
pittsburgh resident here. if you tell me the housing market is in a bubble and it’s going to collapse, you need. to clarify. what. local. market. if you insist the great lakes region is in for a housing correction, you are going to get laughed out of the room and no one will take anything else you say seriously.
We are watching the biggest Ponzi scheme in the world unfold and everyone is in on it. You and your children are having your prosperity stolen by banks, corporations, equity groups and speculators of every shape and size.
There is NO shortage. Just a shorting of listing due to rampart speculation.
The fake PRICES remain the issue and they are trying to convince you it’s the rate.
Wage war on anyone who hoards homes.
Yahoo is trashy propaganda and a lie.
This is good news because homes are already overpriced.
Houses aren’t selling because they are getting ripped off because of the housing market being low.
Why should anyone spend thousands of more dollars on a home that isn’t worth it just because there aren’t other houses to look at to possibly purchase that’s b******* and everybody knows it’s bullshit.
Keep your money.
The problem is not rate but the OVERPRICE. The current fenzy housing price cannot be sustain – it is like a gamestop stock that shootijng price from invester’s manipulation.
The Bayeux Tapestry hanging on the wall. Amazing! 👏