Housing and Mortgage Trends for fall
We’re getting into the fall months, leaving room for plenty of predictions for the housing and mortgage trends for fall. With the previous weeks seeing a decrease in mortgage rates, let’s look into where we think the trends will go for the month of October.
Many realtors and lenders expect that the mortgage rates will fall, although some are guessing than the rates will remain relatively unchanged for the entire month. Last week 30-year fixed-rate mortgage rates fell to 4.47% compared to 4.66% the previous week. This is the lowest it has been since the end of July. This is due to the Federal Reserve’s decision to stay the course on the stimulus bond-purchasing program.
Some cities are seeing an increase in the affordability of buying versus renting. Since mortgage rates fell, these low rates will help with the house price gains. This is good news for those that are looking to buy and sell their properties.
Housing and mortgage trends for fall are going to continue to grow as we head towards the winter months. The FHA is starting to forgive those who lost their homes due to the recession, given a change in the rules allowing borrowers who have gone through a foreclosure or bankruptcy the chance to be eligible for a new mortgage. A wait as little as one year can grant a person a new mortgage. With this change many people are able to purchase again.
What housing and mortgage trends for fall are you expecting to see?