Rising Mortgage Rates and Their Effect on the Housing IndustryPosted by Richard Soto on
By most accounts, the first half of 2013 was a keeper.
Although July saw a slight dip in housing sales, analysts see this as just a small bump in the road, with consumer confidence remaining high.
The first part of 2013 was a banner year for both housing sales and consumer confidence. Buyer traffic in July may have dropped, but that was likely due to the increase in interest rates. With a surge in the spring due to impending interest rate hikes, the housing market has quieted down, as those on the fence are hanging back and re-evaluating their options. But that surely doesn’t spell doom for a housing market that has rallied since December.
A new Fannie Mae survey, along with a 14 percent jump in mortgage applications in July, further highlight…
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