Housing Mortgage Trends 2021
In 2020, the global Gross Domestic Product (GDP) was expected to contract 5.2%, presenting the steepest global recession in many years. For many sectors, the negative effect of the COVID-19 pandemic is expected to be long-lasting. However, there seems to be a market that benefited from the mayhem caused by the pandemic: the housing market. During the COVID-19 peak in 2020, housing demand increased at an unprecedented rate following the lowering of mortgage rates starting around March 2020. People hoping to buy houses suddenly found themselves able to buy a home, increasing demand and, in the process, driving prices higher.