Housing Market Can Withstand Higher Mortgage Rates, According to First American Potential Home Sales Model

 · Housing Market Can Overcome Rising Interest Rates, According to First American Potential Home Sales Model. about the impact of the rising mortgage rates on the housing market.

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The housing market is well placed to withstand the expected rise in mortgage rates according to a new report. First American Financial’s market potential model calculates that the seasonally adjusted annualized rate (SAAR) for existing home sales was 6.11 million in May, up 4.4% year-over-year and 0.8% month-over-month.

The potential for home sales dropped slightly in March and the market is almost meeting that potential, according to the Potential Home Sales model from First American Financial Corp., a provider.

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-Changing mortgage rates don’t change the other fundamentals – a thriving economy and rising millennial home buyer demand continue to underpin today’s housing market, says Chief economist mark fleming– First American Financial Corporation (FAF), a leading global provider of title insurance.

Condos remain a tiny slice of the housing market; single-family home sales in October by comparison. less privacy, higher association fees or special assessments and a higher mortgage rate from a.

In April, the housing market continued to underperform its potential. Existing-home sales were 6.5 percent below the market’s potential for existing-home sales, according to our Potential Home Sales Model. Lack of supply remains the primary culprit. The inventory of homes for sale in most markets remains historically low, yet demand continues.

13 days ago · ”The market potential for existing-home sales increased 1.1 percent compared with May, according to our Potential Home Sales model. “In June, housing market potential benefited from a 10.7 percent year-over-year increase in consumer house buying power as 30-year, fixed mortgage rates, an important component of consumer house-buying power.

Those looking to take out a mortgage, whether they are a first-time buyer, a home mover or remortgaging, have to now go through more rigorous checks on whether they can afford their loans. Sylvia adds.

07:00AM Housing Market Can Withstand Higher Mortgage Rates, According to First American Potential Home Sales Model Jun 6, 2018 01:47AM U.S..

Actual existing-home sales remain 1.3 percent below the market’s potential, but the performance gap narrowed from 2.0 percent last month, according to our Potential Home Sales model," said.

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