Housing Market Predictions For 2015
In a thriving economy, we know what this may mean for mortgage rates.
In November, we saw mortgage rates moving slower than ever, inching closer and closer to 4 percent. November ended with 3.97% and as we moved into December, rates remained steady in the 4 percent range. This is no surprise for many housing economists. The predictions of higher mortgage rates in 2015 remains plausible due to a lower unemployment rate in the nation.
Today’s market consists of at least 65 percent of first-time home buyers within the age range of 25-34 years old with motives of long-term commitments, such as marriage and children. In a growing population, we would see more demand for housing. The National Association of Home Builders (NAHB) has already recruited several more builders boosting the employment rate in the U.S., promoting job growth. Consisting of nearly 2,500 residential trade contractors and close to 1,000 residential builders.
With the economy doing so well, it is safe to predict and prepare for the future.
