This Interest Rate Forecast is better than we thought!
Hello 2019! 🥂🎉
Kiplinger just released their interest rate forecast for 2019 and if they are right, it is better than we thought.
The Fed backed off of their planned 2019 rate hikes from 3 to 2.
"By the end of 2019, the 30-year fixed-rate mortgage will likely come with an interest rate of 5%, and the 15-year fixed-rate mortgage should rise to 4.4%." - David Payne, Kiplinger staff economist.
This is fantastic news if you are thinking about buying or selling in 2019.
For Home Buyers, the slowing of rate increases means that you should be able to buy almost as much house in 2019 as you could in 2018. But what about inventory? We predict that inventory will loosen some compared to what we saw in 2018. This will mean more options for home buyers to choose from. Search the MLS to see what is already available.
For Home Owners, the slowing of rate increases should pull more home buyers into the market which will give sellers a better chance of selling. However, we know that home buyers are very price & condition sensitive and the market will be competitive. It will be even more important to ensure that videos and photos of your home are hitting the largest possible number of potential buyers using all the data and analytics tools available. You can always request a home evaluation to find out about what your home would sell for.
If you are considering buying a home or selling a home in 2019, we are happy to visit with you about your specific neighborhood and price point.