Mortgage rates have been a significant factor in housing affordability for an extended period, with rates finally starting to decrease due to the recent interest rate cut by the Federal Reserve. Two recent reports indicate that affordability in the housing market is beginning to improve as a result of these changes.
– Third quarter housing affordability report from Attom Data Solutions highlights:
– Falling mortgage rates
– Rising wages
– Slower home-price growth
– These factors have collectively contributed to making the expenses of purchasing and owning a home more feasible for potential buyers and current homeowners alike.
The alleviation of strain on housing affordability is a positive development for the real estate industry, indicating a potential shift towards a more balanced and sustainable market for buyers and sellers. As mortgage rates continue to decline and a combination of factors work in favor of affordability, the future looks promising for those looking to enter or invest in the housing market.
You can read this full article at: https://www.housingwire.com/articles/is-housing-affordability-improving-two-new-reports-say-yes/(subscription required)
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