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Added on the 05/07/2018 17:04:26 - Copyright : Wochit
In March, the US Federal Reserve's lowering of interest rates fueled a housing boom. According to Business Insider, the Federal Housing Finance Agency says that the explosion shows no signs of subsiding. A seasonally adjusted index of prices rose 1.7% in September from the prior month, and prices jumped 7.8% from their year-ago period. Mortgage rates hit their thirteenth record-low of the year last week. The average 30-year fixed-rate mortgage rate fell to 2.72% from 2.84%. However, experts say the good times in the housing market aren't likely to last forever. We expect some moderation in the pace of housing starts in the face of the rapidly escalating health crisis, a faltering recovery, and softening labor market gains. Nancy Vanden Houten, Lead US economist, Oxford Economics
Business Insider reports that in September, sales of previously owned homes leaped 9.4%. According to the National Association of Realtors that's a seasonally adjusted annual rate of 6.54 million. This is the fourth-straight month of accelerating sales, and the latest rate is the fastest since 2006. Economists surveyed by Bloomberg expected the sales rate to climb to 6.3 million from August's revised 5.98 million. The US housing market has served as a bright spot in the slowing economic recovery. Record-low mortgage rates have driven more Americans to buy units.
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