Freddie Mac predicts that low mortgage rates combined with rising family incomes will create a strong housing market in 2004, although perhaps slightly less strong than last year's record-breaking robust housing market.
New home construction is predicted to slightly slow due to increased interest rates, which Freddie Mac says will likely hover around 6 percent for the 30-year fixed.
Information from Inman News was used for this report.
Article comments
1 - Anita Campbell
Interesting that the housing market remains so strong, John. I half expected it all to peter out by now and take a breather for a while, but it hasn't shown any signs of that around here. In my area, even at 16 degrees outside, they were out there today working on new houses....
2 - John Mudd
Low rates are definitely keeping it active. There will be a little bit of a slowdown this year, but not by much, keeping strong sales numbers nationally, and in states like Florida, I don't foresee much of a slowdown (if any) at all. There are so many ways to buy a home or condo today, it really is hard for someone to find a reason not to. I think we'll have to worry, though, when there's no more land to build on. ;)