Affordability

While purchasing a home can come with many challenges, according to a new Redfin survey, nearly 60% of recent homebuyers said purchasing a home is more stressful than dating, as mortgage rates remain at their highest level in more than two decades.

“At age 30, the millennial homeownership rate is approximately six percentage points lower than that of their generational predecessors, Generation X, at the same age,” First American Economist Ksenia Potapov said.

High mortgage rates have pushed consumer housing sentiment even lower, according to Fannie Mae's latest Home Purchase Sentiment Index, as more Americans are now pointing to mortgage rates rather than home prices as the primary obstacle to achieving housing affordability.

Experts have said for decades that rent/housing costs should not exceed more than 30% of your income. Here’s where the current average salary gets you the furthest.

“The Biden-Harris Administration and HUD are committed to building and preserving more housing, supporting small businesses, and strengthening communities,” said Secretary Marcia L. Fudge. “This loan guarantee will support projects in Nebraska and California that will transform their economies and communities.”

While the path to homeownership is challenging for many, according to a new survey from Redfin, LGBTQ+ renters are more likely to cite lack of family support and student loan debt as financial barriers to homeownership.

Homeowners are still refraining from moving because they want to hold on to their existing mortgage rates, while housing affordability remains at its lowest level on record, according to a new report from Bright MLS.

The Federal Home Loan Bank of San Francisco has released a package of recommendations for updating the housing ecosystem to close the racial homeownership and wealth gaps.

"An uptick in homes with reduced prices is a small break for buyers on top of the usual seasonal factors that align to make this first week in October the best week to buy. Yet, the larger context remains challenging. Buyers still struggle with the triple threat of rising listing prices, record-high mortgage rates, and limited inventory, making affordability a continued concern," said Danielle Hale, Chief Economist for Realtor.com.

Mortgage rates rose 18 basis points week-over-week according to Freddie Mac, forced upward by the trajectory of the 10-year Treasury yield, shifts in inflation, and the labor market.