With student loan payments set to start again in October after a three-year break, experts have warned that the U.S. housing market might take a hit and mortgages could become even more unaffordable—especially for first-time homebuyers.
Though prices have come down slightly since last summer, following a temporary drop in demand and sales, prices for homes in the U.S. remain high—as do mortgage rates. A recent survey by independent research and index product development firm Pulsenomics found that 58 percent of economists think restarting student loan payments this fall will impact mortgage affordability.
Some 35 percent of economists polled in the Pulsenomics' survey believed that restarting student loan payments will hit the U.S. homeownership rate, and 26 percent think that it could increase the mortgage delinquency rate. The total delinquency rate for a group of the country's 30 largest servicers was 3.16 percent at the end of June, according to Inside Mortgage Finance.
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