For first-time buyers, especially, the drop in the 30-year mortgage rate…has provided unexpected leverage. Lower rates allowed many buyers to stretch and buy more expensive homes while keeping their monthly budget the same.
Record Low Mortgage Rates are Making Homes More Affordable
Homeowners are the clear winners. Low mortgage rates mean the cost of owning is at historically low levels and who gains all the benefits of strong house price appreciation? Homeowners.
Forget the Price of the Home. The Cost is What Matters.
When you look at home prices, interest rates and wages, you get the real picture of home affordability.