Strong homebuying season is on the horizon, expert says
Decreasing mortgage rates, rising wages and a finally improving supply of inventory all spell good news for the housing market. In fact, according to one expert, “a stronger than expected” spring homebuying season lies ahead.
According to Mark Fleming, chief economist at First American, spring is shaping up to be a good season to buy a home. Just this week, mortgage rates notched down to an average 4.28 percent on a 30-year loan, according to Fannie Mae — their lowest point in some time. Throw in increasing wages, and buyers have it even better.
“The last three months have been kind to potential homebuyers,” Fleming said. “While mortgage rates increased throughout most of 2018, they began to trend downward in December and have continued to fall since then. All the while, average household income has trended up, boosting house-buying power.”