The American Dream is still in sight, with Freddie Mac National Mortgage Survey showing loan rates rising slightly again this week to 3.09% from 3.05% for a 30 year with good credit as reported today October 21, 2021, but still close to record lows. House prices are predicted to increase through 2022 along with mortgages per this report from Freddie Mac. It may be a good time to buy a home. Read on and give me a call if I can help you and your family.
Mortgage Rates Trend Up
October 21, 2021
Freddie Mac reports, "The pace of labor market recovery continues to be a concern. The latest employment report from the U.S. Labor Department showed that the U.S. economy added 194,000 nonfarm payroll jobs in September, which was below expectations and at its lowest level since January 2021. Although job openings remain high at 10.4 million in August, non-farm payrolls are down 5 million from February 2020 pre-pandemic levels showing there is still room for improvement in employment.
Inflationary pressure is building as consumer price inflation climbed in August, and the all-item Consumer Price Index increased 5.3% year-over-year while the index for all items less food and energy increased 4.0% year-over-year. However, we do not expect the inflationary pressure to last since rates have remained low. The 30-year fixed-rate mortgage was 2.9% in the third quarter of 2021. We forecast mortgage rates to increase slightly through the remainder of the year and reach 3.0%, rising to 3.5% for full year 2022.
Despite low mortgage rates, many buyers are discouraged from homebuying due to an increase in home prices. The pace of home sales has cooled since the first quarter of 2021 when it was at 7.2 million. We forecast home sales to hit 6.8 million for the full year 2021 and 2022. Additionally, we forecast house price growth of 16.9% in 2021. However, we expect house price growth to slow to 7.0% in 2022."
Primary Mortgage Market Survey®
U.S. weekly averages as of 10/21/2021
Are are you tired of sheltering in place and hunkering down in your apartment? Do you look forward to getting outdoors in the backyard of your very own home?
America is great in so many ways. Anyone can become President, Inventor, Athlete, Astronaunt, Doctor and accomplish their dreams of doing. However there is another dream of family and raising the next generation.
If you had to take the most common characteristic of an American, what would that be?
A Homeowner! The American Dream
That is right! A homeowner or the desire to be one someday is the American Dream. RISMEDIA reports that 67% of Americans live in owner occupied homes.
Home Sweet Home! The American Dream (Photo Pixabay) and you can paint any color you want!
The dream to do so is even greater. The front porch, the picket fence, the backyard cookout, Christmas mornings, marking the children's height on the walls, playing catch in the back yard.
Americans feel it is a goal to strive for. A place of belonging of family. A place to return to. A "Home" that they own.
The American Dream to own a home
Home Ownership is Good for America
Not only is home ownership an important "value" in America it is a significant contributor in our economy. RISMEDIA also reports that "housing is a key driver of our economy, accounting for 15% of our Gross Domestic Product in general. Research shows that for every home purchased, $60,000 is pumped into the economy for furniture, home improvements and related items. Plus homeowners pay 80-90% of individual federal income taxes, contributing to federal programs that benefit all Americans."
Home ownership is what America is all about (Photo Michelle Bryant- Pixabay)
At Active Rain my hosting site, we believe in Weltanschauung- Belief that Home Ownership is a positive force for the social good
At Active rain, and one of our guiding principles of " Weltanschauung" we believe that home ownership is a positive force for social good. ActiveRain is committed to empowering real estate professionals so they can help people achieve the dream of home ownership.
Baseball and Life...Object is to "Go Home"
Owning a home is good for us and for America. Baseball, hot dogs, apple pie and going "Home".
Dream Home in Arizona
Are you thinking of moving to Scottsdale or the great desert southwest? If so, check out homes for sale in Scottsdale
Meet Jeff Masich, Associate Broker, REALTOR® to purchase your Arizona Dream Home
Jeffrey Masich with the Arizona Homes and Land Group would be pleased to meet and represent you as a Buyer or Seller in Scottsdale, Paradise Valley and the Phoenix metro area.
To learn more about Scottsdale living or in the Phoenix metro area and to see homes for sale: Scottsdale Homes For Sale or Arizona Homes For Sale.
Here is a FREE MLS Search for homes for sale in Arizona. I, Jeff Masich would be pleased to help you find Arizona Homes For Sale and the right home at the right price!
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