MBA forecasts mortgage rates to rise to 3.4% by the end of the year – CNBC

Mortgage rates are still at historically-low levels despite an increase in the last few weeks making a 30-year mortgage still affordable and even a 15-year mortgage even more affordable. Because of this, refinance applications this week are still 50% higher than the same week last year. In terms of inventory, there’s still a lack of existing homes for sale. New constructions are being built at a higher rate and this is poised to tackle this issue but despite that, there’s still a tight supply of homes to meet the buyer demand.
See full video below where Mortgage Bankers Association CEO Bob Broeksmit discussed mortgage rates and the state of the housing market in 2021. 
If you are someone that has been thinking of buying or selling but just not sure where to start, call David Yudell at 917-817-9701 to get your questions answered.

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