Even as mortgage rates have stabilized a bit over the past few weeks, home affordability has taken a major hit. Recent data from the National Association of Realtors shows a 29% drop year-over-year in affordability, driven by the double hit of rising mortgage rates and home price growth. If you are in the market, just remember that there are a number of alternative home financing solutions like TBD mortgages or ARMs that may fit your needs.
Robert’s recent insights:
In case you missed it
- The chart from Axios gives a clear visual depiction of the YoY change in affordability.
- Learn The ABC’s of ARMs: How Adjustable-Rate Mortgages Work.
Want to know what you can afford?