What You Need To Know About Markets And The Economy
Americans looking for a new home are facing the least affordable market ever, according to data from the Mortgage Bankers Association.
"This hit a new record because not only have interest not retreated from the high 6s, but the typical application amount has jumped, all faster than incomes have grown," Edward Seiler, MBA's associate vice president for housing economics, told Insider. As the Federal Reserve began raising interest rates in 2022, mortgage rates on 30-year fixed loans more than doubled from 3% to above 7%.
"For new home buyers, this is the worst situation since the end of the Great Recession," Seiler said."Current homeowners that were lucky enough to get a 2.75% interest rate in 2022 are in a great position, but for new home buyers looking to buy a first home, or those looking to move to another home, it's a very daunting proposition."
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