Affordability

“Homebuyer affordability eroded further in April, with both the typical borrower monthly payment and median purchase amount rising due to higher rates and home prices,” said Edward Seiler, MBA's Associate VP, Housing Economics, and Executive Director, Research Institute for Housing America.

Sellers gave up the most in pandemic-era boomtowns, with Tampa, Florida reporting a bigger year-over-year growth in seller concessions than in any other metropolitan area.

“Though mortgage rates are substantially higher than they have been on average over the past decade, from an historic perspective rates are about average,” Freddie Mac said.

While home prices rose nationwide in 2022, the frenzied pandemic-era housing market made price growth trends more local than they had been since 2009, according to a new report from Redfin.

With mortgage rates rising to levels last seen in March, the MBA reports that overall application volume dropped 4.6% week-over-week, amid a continued lack in the nation’s housing inventory.

“Elevated mortgage rates are preventing would-be buyers from buying and would-be sellers from selling. And because sellers aren’t selling, the buyers who are out there have very limited options,” said Redfin Chief Economist Daryl Fairweather.

“We are thrilled to have Christina join our team and share her deep knowledge of the mortgage industry, the housing finance system, and the regulatory process to support our members as they enable access to affordable homeownership, while strengthening the safety and soundness of the housing finance system,” said Seth Appleton, President of USMI.

For many renters and home seekers nationwide, becoming a homeowner remains a challenge as record-high mortgage rates and inflated housing costs persist. A new study reveals which affordable suburbs may offer homebuyers a better chance of attaining homeownership. 

“First-time homebuyers are active and those entering the market have an edge as sellers are negotiating more and giving buyers a chance,” said RE/MAX President and CEO Nick Bailey.

According to a new report from Redfin, while the typical U.S. home costs an estimated 25% more per month to own than rent, homebuying is only more affordable than renting in Detroit, Philadelphia, Cleveland, and Houston.