The recent strong jobs report has heightened inflation anxiety, pushing mortgage rates to 6.93%, the highest since July, exacerbating affordability issues for potential home buyers.
When mortgage rates jumped from 2.96% to 7%, the monthly payment for a $450,000 home rose from $1,925 to $2,923, significantly straining affordability for many Americans.
About half of potential first-time homebuyers believe they cannot afford to purchase a home due to rising interest rates and the high down payment requirements, currently feeling financially excluded.
Americans are increasingly turning to renting, with one-third of people renting homes in 2024, as the burden of high mortgage rates discourages potential buyers from entering the market.
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