Homebuyers face a long road ahead before they can see lower mortgage rates, according to a National Association of Realtors economist.
Homebuyers have taken a hit in recent years, with mortgage rates topping 8%, a rate that has not been seen since. Inflation, employment rates, consumer spending and demand for housing are some of the economic factors that have contributed to higher mortgage rates. And according to National Association of Realtors chief economist Lawrence Yun, it’s not going to get any better anytime soon.
“Mortgage rates will not go back to 3% – we’ll be lucky if we get back to 5,” said Yun while speaking to In today’s housing market, buyers on average have to make an annual income of at least $114,627 to afford a home, according to a recent. Also, the average monthly mortgage payment for homebuyers in the United States is $2,866, which is a 20% increase compared to last year. Home affordability in the U.S. is the worst it's ever been“In a homebuyer’s ideal world, rising mortgage rates would push demand and home prices down enough to make up for high interest payments.
In the midst of grim news for the housing market, there could be some light at the end of the tunnel. The Federal Reserve is expected to pause interest rate hikes in a
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