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.
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