The housing market for this summer, and the rest of the year could be affected by three different factors, according to United Wholesale Mortgage.
One of the greatest factors influencing our market, according to United Wholesale Mortgage’s video, is Brexit. Many experts say the U.K.’s decision to leave the European Union could push interest rates to all-time lows.
“The recent events in Europe have caused mortgage rates to go down further in recent days,” Ed Adams, BOK Financial Mortgage retail channel leader, told HousingWire. “Borrowers who are considering locking in interest rates should reach out to their local mortgage professional and discuss the impact on individual homeownership needs.”
“Historically low interest rates can certainly provide unique opportunities for real estate homeownership or investments,” Adams said. “Many borrowers including millennials, baby boomers and first-time homeowners may see opportunities to borrow money at extremely low levels and position themselves with real estate as part of their total assets.”
Low interest rates are pushing up demand, and therefore home prices. Home prices in May are up both monthly and annually, according to the Home Price Index and HPI Forecast released today by CoreLogic.
“While the refinance market will continue to stay heated, we are still experiencing strong demand for purchases and new home construction,” Adams said. “The overall real estate economy appears healthy and the continued low level of interest rates aids borrowers in the ability to qualify for many types of loan product.”
This video shows the three things that are impacting the summer housing market, according to UWM President and CEO Mat Ishbia.