Home Affordability Declines in Recent Months Despite Low Home Mortgage Interest Rates
Historically low home mortgage interest rates during the past eight months gave home buyers additional buying power, enabling them to purchase more expensive properties than they could afford at higher interest rates. According to a recent report, however, home affordability has actually declined in recent months. Real estate analysts say that the savings home buyers are experiencing from lower mortgage rates have been surpassed by appreciation in home prices. This trend is expected to continue into next year.
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