Nicole Friedman
speaker
798 appearances
16 recordings
1 series
first heard Aug 2017
last heard Dec 2024
Nicole Friedman’s voice in public audio — every appearance, attributed to the second.
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Appearances
The cost of housing for most people is their biggest expense.
And so housing affordability has a huge effect on consumer sentiment and consumer spending.
And then in terms of home sales, home purchases lead to a lot of other spending.
People who buy homes, then they buy large appliances, or they hire painters, or they hire moving companies.
And so there's a lot of additional spending that comes from every home purchase.
And the other thing is there is a connection between the housing market and the job market that if it's affordable for people to move, if it's easy for people to move, they might be more likely to relocate for a better job opportunity.
And conversely, if housing is really expensive, if it's difficult to move, they might not take that opportunity if it requires relocating.
Mortgage rates have been a huge issue for homebuyers this year.
It's really made affordability in the housing market just the worst in decades.
And it's pushed a lot of buyers out of the market.
There are a lot of people who are sidelined and kind of waiting to see if rates go down or if prices go down.
And in terms of forecasts for next year, you know, economists are mixed on where interest rates, mortgage rates are going.
A lot of it depends on the broader economic forecast, if the economy is going to have a soft landing or enter a recession.
But definitely nobody expects mortgage rates to go back to the very low levels around 3% or even below 3% that they were during 2021.
Mortgage rates have been so high.
And so existing homeowners, either they bought their homes when rates were much lower or they refinanced when rates were much lower.
And so a lot of people have current mortgage rates at 3%.
three and a half, maybe even below 3%.
And so they're really unwilling to move right now because they look at the cost of buying a different home and giving up their current low mortgage rate and taking on a new loan at a much higher rate.
And it just doesn't pencil out for them.
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