Mortgage rates keep falling, but will rising home prices push some buyers out of the market?

Despite the economic downturn, home prices have continued to increase this year — largely because mortgage rates have remained below 3%. But will home buyers reach a breaking point where they’re priced out of the market en masse?

Low mortgage rates have been a boon to home buyers and sellers alike. The low-rate environment has given buyers a boost even as the economy has remained in a coronavirus-fueled downturn and home prices have risen. Of course, the current dynamic of rising home prices does rely on mortgage rates to remain low. Mortgage rates have remained very steady in recent weeks, shaking off some of the uncertainty triggered by the Federal Housing Finance Agency’s surprise announcement of a fee on refinances that’s set to go into effect later this year.

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Buyers still flocking to the market, with pending home sales hitting record in AugustHomebuying is still going strong heading into the fall, with people rushing to lock in record low mortgage rates and sign contracts to purchase homes in August But tomorrow is October. Look at Trumps tanked economy. Thank you Mr. President!
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