Housing affordability in the United States dropped to an all-time record low (for data that goes back to January 1989 so at least a 34 year low). This is because home prices and mortgage rates still remain very high. More importantly though, the qualifying income to purchase a median priced home in the US has increased by 116% over the past 4 years compared to only a 21% gain in US median family income over that same time period (August 2019 - August 2023). This is based on my own analysis of the National Association of Realtors data.
Also, to give you a mortgage rate update, average 30 year fixed mortgage rates for borrowers with exceptional credit have been around 8% for a week. That’s on par with the highest mortgage interest rates since the year 2000.
Meanwhile homebuyer mortgage demand fell to the lowest levels since February 1995 last week according to the Mortgage Banker’s Association.
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.9% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
*** Jason Walter, CPA (inactive CPA lic 103885) Sacramento real estate agent and native Realty ONE Group Complete (DRE 01923240) [email protected]
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Disclaimer: Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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