Even a rise in interest rates cannot slow Arizona’s red-hot housing market.
“The modest uptick in mortgage rates over the last several months reflects declining recession fears and a more sanguine outlook for the global economy,” says Sam Khater, chief economist for Freddie Mac. “Due to the improved economic outlook, purchase mortgage applications rose 15 percent over the same period a year ago, the second-highest weekly increase in the last two years. Given the important role residential real estate plays in the economy, the steady improvement of the housing market is a reassuring sign that the economy is on solid ground heading into 2020.”
That renewed confidence in the economy has most Arizona experts bullish on Arizona’s residential housing market.