The dual phenomenon of record-high home prices and record-low inventory has significantly impacted home buyer choice.
The 30-year fixed mortgage rate dropped sharply by 40 basis points to 5.3 percent from 5.7 percent the previous week. As a result, home buying is about 5 percent more affordable than a week ago.
The 30-year fixed mortgage rate dropped to 5.7% from 5.81% the previous week. Although rates are significantly higher than last year, they are still historically low, remaining below 6%.
Mortgage rates showed little movement this week, remaining below 6%. However, since the beginning of the year, home buying has cost about $800 more every month.
Research has shown that smart-home technologies and related services can help older adults make their daily tasks easier and improve their overall quality of life.
Mortgage rates surged to their highest level since 2008, with the 30-year fixed mortgage rate rose to 5.78% from 5.23% the previous week.
The short-term fed funds rate that the Fed directly controls has risen by 175 basis points, and the 30-year fixed rate mortgage has risen by nearly 300 basis points.
At the national level, housing affordability declined in April 2022 compared to the previous month, with monthly mortgage payments increasing by 14.5% and median family income increasing modestly by 0.7%.
Rising rents and home prices (not part of CPI Inflation) have caught up with multiple years of housing underproduction of single-family homes and apartments.
Mortgage rates resumed their upward trek after falling for the last three weeks. According to Freddie Mac, the 30-year fixed mortgage rate rose to 5.23% from 5.09% the previous week.
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