The Federal National Mortgage Association’s predictions about the market.
According to the Federal National Mortgage Association (Fannie Mae), homes are less affordable now than at the peak of the 2006 housing bubble. If you’re a buyer or a seller, what does this mean for the housing market?
There won’t be a great recession like we had in the early 2000s; however, Fannie Mae analysts predict there won’t be a deceleration in home price growth either until at least 2023. Mortgage rates have hiked by 3% to 4% points since last year, which is the fastest increase since 1981. This means the monthly mortgage rate for a homebuyer increased by 39%.
In a previous video, we made it clear that a bubble is not on the horizon because the market conditions today are very different from the last bubble we experienced. Fannie Mae specialists agree that credit quality is much better, and both the real estate and the financial system are less leveraged.
“Fannie Mae analysts predict there won’t be a deceleration in home price growth until 2023.”
As inflation and rates continue to rise, making your real estate move right now may seem scary, but my team and I are here to ease your worries. We want to make sure you get into your dream home, no matter the market.
If you have questions, please feel free to reach out to me or any of my agents today. We’re here to help!
