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Waiting For Godot: When Will Interest Rates Actually Rise?

I could be speaking about my dating life, however I am referring to the waiting game we've been playing with interest rates. Within the last year, many sellers have enjoyed multiple bids on their move-in ready homes with seemingly more buyers in the market than sellers. Low interest rates helped boost this run to the ‘burbs, and (good news) it looks like this trend may continue for a bit longer. A recent "Living In..." article in the New York Times spoke about that very trend in our neck of the woods.
Dr. Lawrence Yun, the National Association of Realtors’ Chief Economist, whom I had the pleasure of hearing speak yesterday at an event in New Jersey, had an overall positive message for the housing industry.
He stated that while there are a few headwinds ahead, such as limited inventory conditions in many areas and mortgage lending standards that are seen by many as too stringent, that the housing market in New Jersey is following the national trend and that the “overall tide is rising” and we are “set for a multi-year recovery.”
 
This is all good news, but we would be well advised however, to remember that this trend of ... more

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