First American Chief Economist Mark Fleming was interviewed on CNBC on Tuesday and discussed how the decline in mortgage rates over the last few months and continued tight housing supply are likely to impact the housing market.

“You have a huge supply problem and it's not just around existing homeowners not wanting to move because they’ve got a low mortgage rate. It’s also because we’ve under built. We’ve under built for the last decade. There’s so many new households that have formed and, last time I checked, they like shelter. We really have a housing shortage at play today. All of this is why we continue to see house prices going up.”