We got spoiled in 2016. Mortgage rates fell below 4 percent at the beginning of the year, and they spent the summer flirting with record lows. And they began 2017 above 4.25 percent.
It’s a good idea to keep things in perspective, though. For most of the past 50 years, homebuyers would have been delighted to get mortgage rates in the 4 percent range.
Higher mortgage rates might result in slower increases in house prices in the first quarter of 2017, but it will still remain a seller’s market in most of the country.
Here’s what’s in store for housing in the beginning of this year, from a look at interest rates to a set of New Year’s resolutions for millennial homebuyers.