HUD Articles
Housing Affordability is up!
October 18, 2021
Great news recently as the National Association of Realtors announced affordability rose in August for the second month in a row. At 151.3, it’s below a year ago, but scores over 100 say a family with the median income earns more than enough to afford a median-priced home.
According to Freddie Mac’s chief economist, “Historically speaking, mortgage rates are still low.” But he cautions: “As inflationary pressure builds…we expect rates to continue a modest upswing.”
Closing costs rose in the first half of the year, thanks to higher home prices. But as a percentage of purchase price, closing costs in fact declined, showing the mortgage industry is holding down the costs it can control.
