DROP in mortgage rates will prompt more sales.
(From an article in Realtor Magazine, April,2019)
According to a recent housing forecast, the plunge in interest rates will push the market for home loans to a new 14 year high. In the past month, mortgage rates have posted their biggest drop in a decade, according to Freddie Mac.
The mortgage demand has reached its highest level since the fall of 2016 and is enticing more buyers into the real estate market. Mark Watson, director of forecasting for mortgage advisory firm iEmergent, predicts $1.2 trillion in home lending this year, which would be the best year since 2005. Mark says this will ultimately support strong growth in home sales over the next several years.