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New Year, New Housing Market

By mdblog - January 13, 2013
2013 is predicted to be a good year for the housing market. Forecasters expect more home price appreciation and changes in mortgage interest tax deduction nationwide, according to Money Magazine. Continued competition from investors will drive  home prices to continue to rise, approximately 5 to 7 percent from 2012. [youtube http://www.youtube.com/watch?v=k7aqphZLcZI&w=853&h=480] Low Mortgage rates will rise, but not by much New regulations may influence the mortgage industry and its record low mortgage rates. According to a prediction by  the Mortgage Bankers Association, mortgage rates is expected to average 4.1% for 2013. "Rates on the 30-year fixed-rate mortgage are expected to average 3.8% in the fourth quarter of 2012, rising to 3.9% in the first quarter of 2013 and eventually rising to an average 4.4% by the fourth quarter of next year," the MBA said,  cited by MarketWatch. It must be noted to take these predictions with a grain of salt. We can, however, be certain that the real estate industry is moving upward and onward.

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