Despite a half-percentage-point gain in home loan rates, real estate sales likely will reach a 16-year high in 2022, CoreLogic's chief economist said.
The average U.S. rate for a 30-year fixed home loan rose to the highest level in more than a month as the Fed stepped away from the bond markets.
The breakneck pace of home price gains made it tough to be a first-time property buyer in the third quarter, according to NAR data.
Inflation rose last month at the fastest pace since the Reagan administration as the global pandemic continued to snarl supply chains.
Home-price growth in the third quarter increased the amount of tappable equity held by Americans to a record $9.41 billion, the report said.
Prices for detached single-family homes surged as people searched for low-density living quarters during the pandemic, CoreLogic said.
As long as vaccine efficacy holds up, the economic hit from the emergence of Covid-19’s Omicron variant likely will be moderate, Goldman Sachs said.
November’s shortfall in jobs creation “may deter the Fed from moving too quickly” to enact its bond tapering, Wells Fargo economists said.
