September’s average 30-year mortgage rate was 6.1% — more than double 2.9% a year ago and below the 48-year average of 7.8%.
was 6.1%. That’s more than double 2.9% a year ago, but it’s also well below the 48-year average of 7.8%.Topline
But in 2022, even with “below average” rates, buying a home requires a 58% slice of a family’s budget. Yes, 58%.Let’s review the pieces of the affordability conundrum, starting with home prices. They’ve been inflated by numerous factors, including a long-running dip in mortgage rates … until 2022. Let me summarize affordability with a historic snapshot: When mortgage rates topped 18% in 1981, a typical California house cost $117,000.. Econ 101 agrees because folks who lend don’t want to be repaid with dollars badly devalued by the rising cost of living.
That economic oddity is what the Federal Reserve is trying to fix in 2022. That’s why mortgage rates soared.
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