Is now a good time to buy a house? Economists say yes as the Federal Reserve holds interest rates steadyThe Federal Reserve signaled it won’t raise interest rates for the time being, a potential boon for first-time homebuyers.
Millennials have been the driving source of first-time homebuyer demand in recent years. As the bulk of that generation enters their 30s next year and more of them get married and have children, they are expected to continue to boost demand, economists said. Still, it’s a tough housing market for first-time buyers. They face limited supply. Low rates boosted demand among buyers, but supply has fallen as homeowners have fewer incentives to move. Many consumers locked in lower rates in the wake of the financial crisis when borrowing costs were even cheaper.
“Where rates are and where housing prices are, it’s a great time to buy,” said Mat Ishbia, president and chief executive at United Wholesale Mortgage.
Mmmm interesting