Home Affordability Rose in September, Before Mortgage Rates Rise -- Market Talk

Dow Jones11-20

1108 ET - Short-lived mortgage-rate relief allowed middle-income households to afford more homes on the market in September than in any month in more than a year and a half, a Zillow analysis shows. Mortgage rates fell to a two-year low in September. However, a sharp reversal in mortgage rates has likely pushed some prospective home buyers back to the sidelines. Mortgage rates have been moving quickly over the past few months. In May, when mortgage rates averaged 7.06%,a household making the median U.S. income could have comfortably afforded 22.7% of homes listed for sale across the country. In September, with mortgage rates averaging 6.18%, that jumped to 27.7% of homes for sale--the highest share since February 2023. (chris.wack@wsj.com)

(END) Dow Jones Newswires

November 19, 2024 11:08 ET (16:08 GMT)

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