Housing Market Update
National Home Ownership Month
- June is National Home Ownership Month with two thirds of Americans believing that home ownership is an essential part of the American Dream
- Home Ownership is the best way that an individual can accumulate wealth, and pass that wealth down through generations
- Home Ownership provides stability, builds communities, and is a driving force for the National Economy
- Mortgage rates are up due to the gradual upward movement of prices caused by inflation, a reflection of the overall economy
- Economic indicators such as the employment rate, economic growth, higher wages, and greater consumer spending also affect mortgage rates
- High demand and low inventory continue to affect sales nationwide, which is why prequalification is so important
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