First American Chief Economist Mark Fleming was interviewed on CNBC and Yahoo! Finance last week, discussing the 2020 outlook for the housing market and how persistently low mortgage rates may both help and hurt home buyers in the year ahead.

On the impact of persistently low mortgage rates:

“Where we are not is this place where we have low, but unchanging rates – whether we go to 3.5, 4.0 or 4.5 percent. Basically, this low rate environment actually creates affordability for the first-time home buyer – that’s good, that’s where the supply comes from. But, on the supply side, it disincentivizes moving.”

Watch the December 19 CNBC clip

On millennial demand and housing supply in 2020:

“We’re only about halfway through the millennial cohort coming into their prime home-buying years. In fact, the largest chunk of millennials is turning 30 next year and so that demographic tailwind of demand is extremely strong. The challenge though is, as the National Association of Realtors’ numbers reflected, you can’t buy what’s not for sale, even if you want to and you can afford to.”

Watch the December 19 Yahoo! Finance clip