For the first time in seven months, the demand for homes is stabilizing. In October the sale of previously owned homes increased, which indicates that existing properties are becoming less scarce. While this bodes well for those in the buyer’s market, mortgage rates have yet to budge. More properties are available, yet the prices continue to rise. The mortgage rate is the highest it has been in eight years, and the Federal Reserve is expected to increase interest rates again in 2018 and into 2019. Although NAR Chief Economist, Lawrence Yun, has urged the Fed to pause interest rates to avoid stunting growth in the housing market.
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