Looking to Buy a Home? You May Want to do it Sooner Rather Than Later

Mortgage rates have ticked higher since the presidential election, and will result in lower home sales next year, according to one expert. Mark Fleming, chief economist at First American, predicts that the volume of home sales will be reduced by 200,000 by the end of next year. He also anticipates that home price appreciation will slow. Fleming expects mortgage rates could end 2017 at 5% or even higher, as monetary policy tightens. Despite this, Fleming says consumer house-buying power is improving, thanks to a rise in incomes.