8/22/2023 0 Comments First horizon yourmortgageonlineWith more sellers willing to negotiate concessions and mortgage lenders offering rate buydowns, closing cost credits and negotiable lending fees, there are still buying opportunities for those willing to tough it out. Some of the most significant price declines are happening in pandemic boomtowns, where prices are more than 10% lower. Nationally, median home prices are down by $18,000 compared to last year, with some cities seeing prices as much as $80,000 lower year-over-year. With more buyers pulling back from the market, home prices have been falling in cities nationwide. But despite the challenges, there are still plenty of buyers and sellers out there - and there’s some good news on the horizon. It’s a rough housing market, as the BMO survey shows. That’s an increase of $184 per month - or $2,200 per year in housing costs. At 6.79%, the payment increases to $2,605. When it comes time to run the numbers, the full impact of higher rates can be sobering for many potential buyers.įor example, a borrower who qualifies for a $400,000 mortgage at 6.09% has a $2,421 monthly payment. Current mortgage rates are now at 6.79% due in part to fears over a debt ceiling default (although that pressure eased when Congress struck a deal over the weekend), inflation still running hot, and the lingering possibility of a recession. Well-qualified buyers could find mortgage rates below 5%: a level not seen since early 2022.īut since then, rates have been steadily climbing once again. Freddie Mac’s average mortgage rate dropped as low as 6.09% during the first week of February. The start of 2023 seemed encouraging for millions of Americans thinking of buying a house. High mortgage rates stretch homebuyer affordability The economy is causing significant anxiety, as well, with 83% of respondents saying unknown expenses are their largest source of financial anxiety. Home affordability may be high on Americans’ minds, but it isn’t the only concern. Housing costs are the most significant source of financial anxiety for 68% of the survey respondents.More than half of millennials and Gen Zers feel stressed about buying a home, believing homeownership is more out of reach for them compared to previous generations.Thirty-two percent say they will wait until 2024 or later to enter the market - depending on when mortgage rates go down.Only 6% of respondents plan on buying a house this summer, with 4% saying they’ll buy in the fall.Forty-three percent of survey respondents say they’re no longer sure when, or even if, they will buy a home. While most Americans are merely putting their homebuying plans on hold, others are rethinking homeownership entirely. Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas View Rates What the data shows
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