For much of the past two years, buyers faced the double challenge of high mortgage rates and rising home prices. But this fall, the market is shifting in ways that make homeownership more affordable than it has been in months.
Here are three reasons why:
Back in May, the average 30-year fixed mortgage rate was near 7%. Today, it’s closer to 6.3%.
That drop translates to real savings. On a typical $400,000 loan, it means nearly $190 less per month—just from rates moving lower.
After years of steep increases, national home price growth is now in the low single digits year-over-year. Some markets are even seeing small price dips.
This cooling trend gives buyers more breathing room, and in certain areas, even opens up opportunities to negotiate.
Wages have been growing at around 4% annually, and for many households, that’s finally outpacing the rate of home price growth.
When paychecks stretch further than rising costs, it makes qualifying for a home loan and keeping up with monthly payments more manageable.
Put these three shifts together—lower rates, slower price growth, and stronger wages—and the impact is clear:
The typical monthly mortgage payment is about $290 less today than it was just a few months ago.
For buyers who put their search on hold earlier this year, this fall could be the right time to take another look.
Housing affordability is still a challenge, but the tide is turning in buyers’ favor. If you’ve been waiting for the right moment, this fall may offer the best opportunity in months to secure a home at a lower cost.
Have questions or want to talk through your options?
Just fill out the contact form on this page or give me a call—I’m here to help.
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Source: Keeping Current Matters
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