Housing Affordability Hits 15-Year Low as Prices, Mortgage Rates Rise
Industry Update
June 21, 2022
Source: Cision PR Newswire
Ballooning mortgage costs, driven by skyrocketing prices and interest rates, have made mortgages less affordable than at any time since at least 2007. Demand for homes has pulled back in response, easing price growth, slowing sales and boosting inventory, according to the latest market report from Zillow®.
Mortgage rates have shot up in early June, averaging 5.78% as of Thursday. A new purchase of a typical U.S. home at that rate would mean monthly mortgage payments of $2,127 – that’s 51% higher than a year ago and up 36% year to date.
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