This is what the housing market could look like in 2019

Expert says declining mortgage rates bode well for buyers.

In 2018, the housing market experienced its fair share of up and downs, attributed to many factors, including affordability and inventory concerns. But as the year comes to an end, homebuyers will be walking into 2019 with more pep in their step.

Last week, amid U.S. stock market volatility, mortgage rates finally edged down. In fact, Freddie Mac revealed mortgage rates retreated to 4.75%, according to its Primary Mortgage Market Survey.

Todd Probasco, Lakeside Bank’s vice president mortgage sales manager, said this retreat will be impactful.

“Interest rates hit 5% a month ago and rates have been going up for the last year, so that reduction is a big move in the market,” he said.

Probasco is not wrong. Throughout 2018, both pending and home sales have fallen month over month.

- Alcynna Lloyd, HousingWire.