{"id":53459,"date":"2016-09-15T07:29:02","date_gmt":"2016-09-15T14:29:02","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=53459"},"modified":"2020-10-06T17:08:13","modified_gmt":"2020-10-07T00:08:13","slug":"mortgage-rates-homebuyers-might-not-need-to-depend-on-low-rates-anymore","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-homebuyers-might-not-need-to-depend-on-low-rates-anymore\/","title":{"rendered":"Mortgage Rates: Homebuyers Might Not Need to Depend on Cheap Borrowing Anymore"},"content":{"rendered":"

Mortgage rates rose<\/span>\u00a0this week, averaging 3.50\u00a0percent for a 30-year, fixed-rate loan, up<\/span>\u00a0<\/b>from 3.44\u00a0percent last week. Last year at this time, rates were 3.91, according to Freddie Mac<\/a>.<\/span><\/p>\n

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\"Best<\/figure>\n

But\u00a0the real news for homeowners and homebuyers came on Tuesday, when the Census Bureau released its annual report on\u00a0<\/span>Income and Poverty in the United States<\/span><\/a>.<\/span>
\nIn an unambiguously positive turn, the median household income shot up 5.2 percent in 2015. It\u2019s the largest annual gain in income since the report was founded in 1967.<\/span><\/p>\n

Why Are Rising Incomes Good for the Housing Market?<\/h3>\n

Home prices have gone up every month since March 2012, according to the\u00a0<\/span>Redfin Real-Time Market Tracker<\/span><\/a>. But until now there\u2019s been scant news to demonstrate that the broader economy supported these price increases.<\/span>
\n\u201cTuesday\u2019s report suggests that the run up in home prices and sales growth has legs and will persist into 2017,\u201d said Redfin chief economist Nela Richardson. \u201cIncome growth is a fundamental driver of buyer demand. Up until 2015, the housing recovery occurred without any upward movement in median household incomes.\u201d<\/span>
\nIn other words, historically low mortgage rates meant homebuyers could buy more home \u2013 or afford to pay more for the same sized home.<\/span>
\n\u201cTuesday\u2019s news tells us that the rebound in housing is not as dependent on mortgage rates anymore. Another driver of homebuyer demand, income growth, has returned. That’s a strong signal of the persistence of the housing recovery,\u201d said Richardson.<\/span><\/p>\n

What About Mortgage Rates?<\/h3>\n

Yes, mortgage rates are the highest they’ve been since June, but, historically speaking, the rate is still extremely favorable for\u00a0borrowers.\u00a0<\/span>
\nAnd,\u00a0even as the economy is recovering, it looks like they\u2019ll remain historically low for the foreseeable future. This coming Wednesday, Janet Yellen and crew (a group also known as the\u00a0<\/span>Federal Open Market Committee<\/span><\/a>, or FOMC) will discuss whether they\u2019ll raise the Federal funds rate.<\/span>
\nThe consensus is that the economy\u2019s still not strong enough to sustain a rate hike. Silly as it sounds, even just thinking about the possibility had consequences: Last Friday, the S&P 500 dropped 2.5 percent, the largest drop since Brexit, based on investors\u2019 speculation that rates <\/span>might<\/span><\/i> be raised.<\/span>
\nThen, on Monday, Fed Governor Lael Brainard said she\u00a0<\/span>didn\u2019t think a rate hike<\/span><\/a> was warranted and the CME Group, which has a\u00a0<\/span>FedWatch tool<\/span><\/a> that actively projects the probability of a rate hike, showed a significant drop for a September hike. It\u2019s now at a relatively low 12\u00a0percent, as of publication of this article.<\/span>
\nIn other words, homebuyers should enjoy cheap borrowing for at least the next few months.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage rates rose\u00a0this week, averaging 3.50\u00a0percent for a 30-year, fixed-rate loan, up\u00a0from 3.44\u00a0percent last week. Last year at this time, rates were 3.91, according to Freddie Mac. But\u00a0the real news for homeowners and homebuyers came on Tuesday, when the Census Bureau released its annual report on\u00a0Income and Poverty in the United States. In an unambiguously […]<\/p>\n","protected":false},"author":13053,"featured_media":49287,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74,19],"coauthors":[],"class_list":["post-53459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips","tag-politics"],"acf":[],"yoast_head":"\nMortgage Rates: Homebuyers Might Not Need to Depend on Cheap Borrowing Anymore - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Mortgage rates rose this week to 3.50 percent for a 30-year fixed rate loan. 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