These 2018 predictions are from our Loan Originators and their thoughts about the housing market. Mortgage rates are still at a record low right now, so if you are looking to purchase or refinance now is the time to do it! The forecast for this year is that we should see rates steadily rising. By the end of this year rates are expected to bump up to at least 5.0% on a conventional loan. As for people moving, we are seeing a growth of them migrating from larger states to smaller states and this will continue within this coming year. In fact, from the United Van Lines study, Oregon was rated no. 2 and Washington was rated no. 6 for “moving in” states in 2017. Because of the higher population in the smaller states, it has caused a trend in low inventory for homes. Home prices are expected to rise 7% for single-family homes and new construction. For the home buyers that are thinking about putting off purchasing for another couple of months, should actually think about moving forward sooner than later.
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