Yahoo Finance – Wealth
Mortgage rates continue to impact homebuyer affordability, with many buyers still on the sidelines. Market Domination co-host Josh Lipton joins Yahoo Finance Senior Reporter Allie Canal on Wealth to discuss the latest data and what investors should watch for.
The issue of affordability continues to weigh on home buyers. Rates have been an ongoing headwind for the housing market. The average rate on your standard 30-year fixed mortgage – 6.92%. That's according to Mortgage News Daily.
What does that mean for affordability? Well, middle-income home buyers making $75,000 could afford just 21% of the available listings nationwide in March. And that is compared with 49% in 2019, according to a recent report from Realtor.com® and the National Association of REALTORS®. For households earning $50,000 annually, they can afford only about 9% of home listings today.