Speaking before a packed house gathered Wednesday on the 7th floor of the Newseum in Washington, D.C., Core Logics chief economist, Frank Nothaft, told the crowd of housing insiders that anyone waiting for any dramatic shifts in housing, interest rates, or otherwise is likely to be left waiting. Even if the FOMC does raise rates, mortgage interest rates will stay low, Nothaft said, but perhaps not as dirt cheap as they are right now.
- That new normal means interest rates will be staying low, well below 5% for the next several years.
- The bottom line: Millennial buyers are coming, and they’re coming relatively soon.
- Another segment of the new normal for housing is that home sales will continues to rise.
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