Chief Economist For National Association Of Realtors Predicts Uncertainty For Housing Market

  • 📰 Forbes
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 53%

Business News News

Business Business Latest News,Business Business Headlines

While housing supply appears to be on the upswing as builders increasingly construct new homes, inflation is expected to persist and in turn cause strain for would-be buyers.

NAR calculates purchasing a home is now 55% more expensive than a year ago. Rising mortgage rates and prices hurt affordability, and although wages are improving, Yun says they are “wiped away” due to inflation.

“The record-low rates of 2021 are gone, with rates above 5% becoming standard,” said Jacob Channel, senior economic analyst for LendingTree. “While a lower rate can make paying off a mortgage more affordable, it can be difficult to picture how much a higher rate can impact payments for new buyers.” 30-year, fixed-rate mortgage APRs have increased by an average of 1.46 percentage points across all 50 states since January.Nationwide, rising APRs are causing new mortgage payments to increase by an average of $258.57 a month.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

You mean with 7% mortgage rates this summer the buyers aren’t approved for their mortgage and won’t get the house they’ve been building… I would call that strain.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 394. in BUSİNESS

Business Business Latest News, Business Business Headlines