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Some mortgage rate forecasts predict a 16% year-over-year increase in the mortgage payments home buyers will face in January 2019, CoreLogic’s Andrew LePage reports. This expected increase triples the 5.5% growth in U.S. home prices that CoreLogic has forecast.

CoreLogic created a consensus forecast based on the average mortgage rate forecasts from Freddie Mac, Fannie Mae, Mortgage Bankers Association, National Association of Realtors, National Association of Home Builders, and IHS Markit. CoreLogic’s Home Price Index forecast suggest median sale price will increase 4.1% in real terms or 5.5% in nominal terms. LePage reports:

Based on these projections, the inflation-adjusted typical mortgage payment would rise from $773 in January 2018 to $887 by January 2019, a 14.8 percent year-over-year gain ... In nominal terms the typical mortgage payment’s year-over-year gain would be 16.2 percent.

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