“Lower mortgage rates are causing an epic housing shortage”
October 17, 2019
“Housing inventory hit a record low about two years ago, but a lull in home sales over the past year helped build back much-needed supply, especially in the mid-priced range. Then a sharp drop in rates this summer brought demand back and depleted that supply dramatically.
National housing inventory fell 2.5% annually in September, a sharper decline than August’s 1.8% decrease, according to realtor.com…
The demand is being fueled by lower mortgage rates. The average rate on the 30-year fixed surged over 5% last November and stayed above 4.5% through March, according to Mortgage News Daily. That made for a lackluster spring housing market, traditionally the busiest time for buying…”