New Year, New Market
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The new year is upon us and with it, we can always expect changes from our resolutions to the real estate market. So what can Realtors expect in the new year? We've rounded up the highlights of the 2019 real estate predictions - Mortgage Rates will Rise Mortgage rates will likely cause an issue for affordability in 2019. Although rates have been rising throughout the past two years, mortgage rates still remain lower than they were during the recession. According to Aaron Terrazas, director of economic research with Zillow , interest rates "will change in 2019, as the 30-year, fixed rate mortgage reaches 5.8 percent - territory not seen since the dark days of 2008, when rates were racing downward in response to the housing crisis. In 2019, rising rates will compound the effect of still-climbing home values, making homeownership even less affordable." Millennials will Keep Buying Despite these rising mortgage rates, millennials will still be the largest ge