Here are the updated 2020 housing market predictions. The housing market saw modest increases across the board in the past year, though there were hot spots in the market in terms of both geography and price ranges. House prices had risen for 33 consecutive quarters across the United States. The housing market predictions were clearly pointing out that all the housing indices would trend upward for the nation as a whole as well as in every state, including the top 100 metro areas.
After the coronavirus pandemic came into being, the housing market forecast runs the gamut from optimistic to pessimistic. It has become difficult to come up with a solid 2020 housing forecast as things are changing with each passing week. The housing market was running at a record pace in the early stages of this outbreak in February 2020, with sellers continuing to gain leverage, and buyers benefit from lower mortgage rates. We saw some of the best home sales and housing starts to pace in more than a decade until February 2020.
Long-term mortgage rates continued to move lower this week, with a 15-year fixed-rate mortgage falling to a record low for the second consecutive week.
I just locked down a 2.875% interest rate, fixed for the 15-year term of the mortgage. No points. With rates like these, I find myself rethinking the idea that I want to pay off my mortgage.
So far, I’ve never heard the same commotion in the market and the media unlike earlier this year when the US economy earned an embarrassing downgrade.
