Freddie Mac recently released its updated Multi-Indicator Market Index, showing further improvement in the U.S. housing market. Here are some of the details of the report, highlighted by Xhevrije West in this article from DS News.
As consumers purchase more homes, remain current on mortgage payments thanks to low rates, and employment continues to grow, the housing market continues to show improvement, according to data released by Freddie Mac on Friday.
Freddie Mac’s Multi-Indicator Market Index (MiMi) showed that the U.S. housing market continued to stabilize as the national MiMi value reached 81.2 as of August 2015. This means that the market is on its outer range of stable housing activity.
“The nation’s housing market continues to improve riding the wave of the best year in home sales since 2007,” said Len Kiefer, Freddie Mac deputy chief economist. “With the MiMi purchase applications indicator at its highest level in more than seven years we expect home sales to remain strong. Low mortgage rates are fueling the recovery across the country.”
“Buoyed by strong employment growth, housing supply is struggling to keep pace with demand, which is driving house prices higher,” Kiefer said. “Fortunately, low mortgage interest rates are helping to keep homebuying affordable for some prospective homebuyers.”
