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The Morty Report: Affordability down 29%

June 9, 2022

June 9, 2022

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.

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Read more of Robert’s recent insights:

5 economists and real estate pros on what the housing market will look like this summer
Mortgage rates move higher ahead of Federal Reserve meeting
Home Sellers Lower Prices, Watch For These 2 Signs Before You Buy

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.
  • Earn a $250 gift card when you get pre-approved in June and close anytime in 2022. See full terms and conditions for eligibility.

Want to know what you can afford?

See today’s rates

Filed Under: Company News, Money Matters Tagged With: affordability, the morty report

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