Inman | Matt Carter
The fear of missing out on low mortgage rates could “supercharge” the housing market ahead of the spring homebuying season, but not necessarily in markets where inventory is scarce.
That’s according to Mark Fleming, chief economist for First American Financial Corp., in an analysis gauging the potential impact of rising home prices and mortgage rates on homebuyer demand.
[…] “While rates are expected to increase steadily throughout 2022, many potential home buyers may try to jump into the market now before rates rise further,” Fleming said. “The fear of missing out on low rates, or ‘FOMO,’ and the potential loss of house-buying power may supercharge the housing market ahead of the spring home-buying season.”