Annual Census Report Indicates Housing Rebound Not As Dependent On Mortgage Rates
Earlier this week the Census Bureau released its annual report on Income and Poverty in the United States, and it noted that the median household income rose 5.2 percent in 2015.
Considering the report, Redfin analysts say the increases in home prices and sales growth will continue into 2017. Income growth is a driver of buyer demand.
Mortgage rates are up a bit, but are still lower than they were a year ago.
And, even as the economy is recovering, it looks like they’ll remain historically low for the foreseeable future. This coming Wednesday, Janet Yellen and crew (a group also known as the Federal Open Market Committee, or FOMC) will discuss whether they’ll raise the Federal funds rate. The consensus is that the economy’s still not strong enough to sustain a rate hike.