Low Mortgage Rates To Fuel Housing Affordability This Summer

House shaded by trees.

First American Financial Corporation published its First American Real House Price Index report, which measures the price changes of single-family properties throughout the U.S., adjusted for the impact of income and interest rate changes on consumer house-buying power over time at the national, state and metropolitan area levels.

First American Financial Corporation published its First American Real House Price Index report, which measures the price changes of single-family properties throughout the U.S., adjusted for the impact of income and interest rate changes on consumer house-buying power over time at the national, state and metropolitan area levels. The report that low mortgage rates will be key to housing affordability in the U.S. this summer.

"The economic fallout and impacts to the housing market from the pandemic appeared to peak in April. The number of existing-home sales fell 18% relative to March, housing starts fell 26%, and the supply of homes available for sale approached record lows," said Mark Fleming, chief economist at First American. "While historically low mortgage rates made it more affordable for those with stable incomes to buy a home, tightening credit standards and limited supply of homes for sale made it more difficult for some to obtain financing and find the home they want."

Click here to read more about the First American Real House Price Index report.

This article originally appeared in the National Mortgage Professional print magazine.

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Written by 
Navi Persaud
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Low Mortgage Rates To Fuel Housing Affordability This Summer
Trends

Low Mortgage Rates To Fuel Housing Affordability This Summer

June 30, 2020
by
Navi Persaud

First American Financial Corporation published its First American Real House Price Index report, which measures the price changes of single-family properties throughout the U.S., adjusted for the impact of income and interest rate changes on consumer house-buying power over time at the national, state and metropolitan area levels. The report that low mortgage rates will be key to housing affordability in the U.S. this summer.

"The economic fallout and impacts to the housing market from the pandemic appeared to peak in April. The number of existing-home sales fell 18% relative to March, housing starts fell 26%, and the supply of homes available for sale approached record lows," said Mark Fleming, chief economist at First American. "While historically low mortgage rates made it more affordable for those with stable incomes to buy a home, tightening credit standards and limited supply of homes for sale made it more difficult for some to obtain financing and find the home they want."

Click here to read more about the First American Real House Price Index report.

Written by 
Navi Persaud

Navi is the Director of Online Content for American Business Media in West Hartford, Conn.

npersaud@ambizmedia.com

These articles are powered by National Mortgage Professional

Low Mortgage Rates To Fuel Housing Affordability This Summer
June 30, 2020 12:42 PM
by
Navi Persaud
Trends

First American Financial Corporation published its First American Real House Price Index report, which measures the price changes of single-family properties throughout the U.S., adjusted for the impact of income and interest rate changes on consumer house-buying power over time at the national, state and metropolitan area levels. The report that low mortgage rates will be key to housing affordability in the U.S. this summer.

"The economic fallout and impacts to the housing market from the pandemic appeared to peak in April. The number of existing-home sales fell 18% relative to March, housing starts fell 26%, and the supply of homes available for sale approached record lows," said Mark Fleming, chief economist at First American. "While historically low mortgage rates made it more affordable for those with stable incomes to buy a home, tightening credit standards and limited supply of homes for sale made it more difficult for some to obtain financing and find the home they want."

Click here to read more about the First American Real House Price Index report.

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