Americans confident in housing market's future
Posted on Friday, January 25, 2013 at 4:15:15 PM
It's difficult to predict the future, but for a group of respondents in a recent Redfin survey, the majority of Americans are optimistic about the housing market in the coming months.
According to the survey, roughly 81 percent of consumers expect property values to increase significantly during the course of 2013. This marked a vast improvement from 75 percent when the survey was last conducted in the fourth quarter of 2012.
But even though expectation about the housing market's future appear bright, there are still some concerns on the minds of consumers, the survey found. Specifically, slightly more than 34 percent of respondents are afraid they might miss out of future home price gains by getting into the market too late.
However, fixed mortgage rates are expected to remain affordable for quite some time, which could offset any dramatic home price gains in the near future.
Most recently during the week ending January 24, the average rate for a 30-year FRM hit 3.42, which was a slight increase from 3.83 percent, according to Freddie Mac. Meanwhile, 15-year fixed-rate mortgage averaged 2.71 percent, up from 2.66 percent a week earlier.
To ensure consumer get the best home loan possible, they are encouraged to utilize a mortgage comparison chart from Home Loan Investment Bank.