Since mortgage rates hit nearly 8% last October, Redfin has found that homebuyers on a $3,000 monthly budget have gained significant purchase power since that time.
Read More »Renting vs. Buying: Examining the Cost of Homeownership
Potential first-time homebuyers looking to shift from renting to homeownership in 2023 are facing mortgage rates that are nearly 4 percentage points higher than the low point in Q4 2020, limiting their purchasing power. In a new analysis, First American Economist Ksenia Potapov revealed the costs of renting against the costs of owning a home.
Read More »Redfin Study Reveals Pullback in Homebuying Demand
While home prices remain elevated due to low supply, mortgage rates shot up to a 15-year high resulting in homebuyers losing nearly 30% of their purchasing power since rates reached their lowest point in 2021.
Read More »Purchasing Power Rises for Homeowners
A new report says the available inventory of affordable homes increased but did mortgage rates stay near record lows?
Read More »Homebuying Gets More Affordable
A new report looks at the factors that are likely to give homebuyers more purchasing power this spring.
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