While the housing market has withstood the jump in mortgage rates so far in 2017, housing analysts say that the effects will be felt later this year.
Realtor.com cited a Goldman Sachs report that says the median home price is expected to decline by 3 to 4 percent.
Currently, the market is faring very well. CoreLogic said the national home price index rose 6.9 percent compared to last January,
It’s worth noting that many economists doubt that rates will rise much more. The median estimate among experts surveyed by MarketWatch in late December was for an average of 4.5% throughout 2017 – 35 basis points more than the most recent reading.