The coronavirus pandemic and the travel ban that came along with it have caused an unavoidable decline in foreign investment in the U.S. housing market over the last 18 months. But the U.S. is expected to lift the travel ban on over 30 countries next week and industry experts are anticipating a resurgence in the volume of American real estate being purchased by buyers from other countries.
For the first time in over a year-and-a-half, buyers from Europe, China, Brazil and India will not be able to visit the U.S. and tour homes. Foreign buyers spent $183 billion dollars on U.S. real estate in 2019 before falling to $107 billion in 2021 as the pandemic took its toll.
The influx of foreign buyers is expected to put more pressure on the market overall which has already experienced high demand and a shortage of properties.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.
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