NAR: Mortgage rates, March 4, 2021

Senior Economist and Director of Forecasting Nadia Evangelou of National Association of Realtors reports that mortgage rates are still near historic lows despite them increasing this week. NAR is forecasting that the 30-year fixed rate to average 3.0% in the first half of this year. The economy is recovering with more Americans getting vaccinated against coronavirus.

The demand for new homes have also increased to 4.3% in January indicating that the housing market still remains a strong sector of the U.S. economy amidst the pandemic. However, the housing inventory remains at record lows, continually pushing the home prices to go up. According to NAR, home prices rose 97% while inventory dropped 55% since 2012 showing that even before the pandemic hit last year, there has already been a housing shortage.

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If you are thinking of selling, you can call David Yudell at 917-817-9701 for any questions you have.

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