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Director / Principal / Broker
First Rate Financial Group
Phone: (800) 620-8802
License: NMLS #256707, CA-DRE 01455710
Corp. License: NMLS #1777223, CA-DRE 02075839
A Year in Review: 2018 Mortgage Trends
Home Demand Continues to Grow. This continues to be a seller's market as fewer people put their homes up for sale. Home demand is growing as young people look to find their first homes and older residents live longer in the homes they are in. This is good news for builders and investors in development companies.
Affordability Is on the Decline. The challenge of living in a seller's market is that home prices will continue to increase while overall affordability declines. Studies show that fewer people are able to find homes in their price range, causing more people to keep renting or move to less expensive areas.
Interest Rates Are on the Rise. The Federal Reserve raised interest rates in September of 2018, signaling the health of the economy. The Fed lowered interest rates during the recession but is starting to increase them as the economy strengthens. This makes buying a house even more expensive, which could push some homebuyers out of the market. Conversely, others might buy their homes soon before the Fed increases interest rates even higher.
While 2018 was an exciting year for mortgages, 2019 is expected to be just as eventful as the markets continue to shift and demand either increases or decreases based on the rest of the economy.
Sources: Nerdwallet, USA Today
If you or anyone you know has questions about home loan rates or products, please reach out. I'm always happy to help. Enjoy this month's issue of YOU Magazine.
First Rate Financial Group is Licensed by the California Department of Real Estate - #02075839, NMLS #1777223
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3027 Townsgate Road, Suite 110
Westlake Village, CA 91361
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