This year has been anything but normal, much to the credit of a pandemic that's raging around the world.
With economies struggling, one sector has stood resilient in face of these challenges - the housing market.
Even though things were a little shaky at the start, we have seen some of the lowest housing inventory in the US, thanks to the surging demand for homes, and record-low mortgage rates.
The 30-year fixed-rate mortgage recently fell to 2.72%, the lowest ever in the 50-years of Freddie Mac's survey. This new record is now a part of 17 consecutive weeks of the mortgage rate falling below 3%.
We looked at the trends of housing search terms this year, and found some interesting observations:
There was a dip at the beginning of 2020 when shelter-in-place was implemented.
However, the market gained confidence once restrictions were lifted and mortgage rates were reduced. In fact, this year has set multiple records for low mortgage rates.
Searches for "homes for sale" reached a five year high during the summer of 2020 because of the historically low mortgage rates. So much so, that there is now an acute shortage of home supply in the US. This, in turn, has sustained the upward pressure on home prices.
With crazy low mortgage rates, it's hard to not look for a home in this market. If you're wondering about the impact of all this in the coming year, read our 2021 housing market forecast and search for awesome homes here.
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