Freddie Mac recently released its March 2018 Outlook which featured some key takeaways for mortgage professionals. The outlook also featured a statement on the current state of the U.S. housing market.
The three highlights from the press release included the fact that mortgage rates have been steadily climbing from the beginning of 2018 and Freddie Mac expects that growth to continue.
The company also revealed that home prices were up 37% nationwide with a 7% increase coming from the last year. In addition, the company believes that home prices will continue to trend upward.
"Overall, U.S. housing markets have been on the upswing. While housing market trends have been generally favorable, not everyone has shared equally in the gains," said Len Kiefer, Deputy Chief Economist for Freddie Mac, according to the release.
"Existing homeowners have largely seen their properties increase in value, helping to build equity. In many parts of the country, home values have more than recovered from the Great Recession, reaching new (nominal) peaks, and the share of underwater homeowners has dropped significantly."
For the full press release, click on the image above.