Omicron making little impact on the housing market

Omicron making little impact on the housing market

Omicron making little impact on the housing market
Unlike the early days of coronavirus in the U.S. when the economy came to a virtual standstill and the housing market froze in its tracks, this latest variant appears to be having little impact on the number of buyers and sellers. According to a report from Realtor.com, housing analysts don’t believe omicron will do much to slow down the 2022 housing market.

“We are not through it yet, but so far, this [variant of the] virus seems to be a lot more contagious, but also a lot less negatively impactful in terms of sickness and death,” said George Ratiu, manager of economist research at Realtor.com. “We’re seeing housing weather the variant so far.”

In fact, the pandemic showing no signs of ending anytime soon may be further driving demand for new housing. Many Americans feel a stronger desire to relocate or upgrade their homes, anticipating needing to isolate long in to the future.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 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.