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A look back on experts’ predictions of the 2020 housing market made at the end of last year is proving to be a nostalgic trip down memory lane. Real estate agents, builders and lenders all anticipated a strong start to the year with pent up demand for housing being released as new homes came online and mortgage rates favored buyers. But that was before we were in the throes of a global pandemic.
“As the coronavirus pandemic worsens, the housing market is expected to decline precipitously in the coming months, particularly in counties and cities with a “shelter in place” mandate, where open houses and home showings cannot be held,” said California Association of Realtors President Jeanne Radsick. “Additionally, sales in escrow may be delayed by the closure or limited availability of all the essential services related to a home sale.”
Essential elements of the home buying process like financing, title, escrow and recording services may be impacted by the pandemic and could further cause a disruption to what was believed to be a good year for the housing market.
Today, conforming no-point 30-year fixed mortgage rates averaging 3.625 percent and 15-year rates are near 3.0 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.