Don't count home buying out yet
Posted on Wednesday, February 1, 2017 at 9:38:36 AM
Between millennials struggling to get approved for loans and the rising prices of houses, homeownership has been somewhat of a weak point in the economy for years now. However, access to credit is improving, and the economy is also more stable than most times in the past few years, meaning that homeownership could still become resurgent.
NASDAQ recently reported that home buying actually rose in December, which surprised many analysts given the fact that the average interest on a 30-year fixed-rate mortgage went up significantly in the final few months of the year. The news provider noted that several segments and factors within the housing market improved as well, including pending sales, but all eyes are on inventory now. NASDAQ pointed out a 23 percent drop in housing inventory in the final month of 2016, which could be unnecessarily increasing curb prices.
If you are considering purchasing a new home this year, or you are thinking about refinancing an existing loan, always reach out to your local bank to identify all the options available to you. With a more personal approach to shopping for the right residential financing program, you will have a better chance at choosing the right one.