Low inventory, bidding wars, and record-low mortgage rates are giving consumers a new sense of FOMO and is driving hyperactivity in the real estate market.
Pending home sales are up 20% from a year ago, buyer traffic is up 32%, and mortgage applications are up 27%—all indicators that this winter may be the best ever for the housing market.
Mortgage rates also remain at record lows.
The 30-year fixed-rate mortgage averaged 2.71% for the week ending Dec. 10, according to Freddie Mac.
