Homebuyers Race Against Mortgage Rate Increases
Homebuyers are now in a race to secure their homes before mortgage rates make it less affordable or harder on their wallets. From the looks of it, homebuyers are rushing to the market with what is being called the "strongest January on record," according to a recent report.
"The index was up 4.8% to 130.5 year-over-year in January, and increased 0.5% from the previous month," according to National Mortgage News.
"The rise in housing demand this year could be a sign that prospective homebuyers are anticipating further growth in mortgage rates, which are predicted to near 5% by the end of the year, according to industry experts."
This surge in buying is creating for an very competitive market with inventory at such a low number. The industry is also seeing more interest from the buyer end with an 13.7 increase in tour requests according to the report.
To learn more about the surge in buyers for January 2018, click on the image above.