Housing Market Stymied by Rising Home Prices, Poor Jobs Report

While a tepid jobs report greeted the new year, leading to a slow start for the housing market, mortgage rates actually fell from early January to early February in the U. S., resulting in opportunities for refinance activity, according to worldpropertychannel.com. Noting that job and income growth are necessary for the housing market to come back strongly, Frank Nothaft, Freddie Mac’s vice president and chief economist says, “It appears mortgage rates may have given the market a reprieve for a month or so and provided some borrowers another chance at refinancing, especially those folks that may be holding older mortgages. However, if rates continue their upward trend, it will be difficult for many families to purchase a home without seeing some income growth.” However, as MHProNews.com has discovered, increasing home prices have reduced homebuyer affordability. ##

(Image credit: Fotosearch.com–question mark houses)

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