Written by: FirstAm Editor on Nov 23, 2018 8:00:00 AM
First American Chief Economist Mark Fleming was interviewed on CNBC earlier this week and discussed the current dynamics at play in the housing market where rising mortgage rates have impacted both supply and demand.
“Homeowners don’t want to sell. You're financially disincentivized to sell your home because rates have gone up and you’d lose that low mortgage rate that practically every homeowner today has. So, those that don’t sell, don’t buy.”