Declining mortgage rates in August provided relief for U.S. homebuyers, making it the most affordable month since February, despite still high overall costs and challenges.
While mortgage demand saw improvements, it remains muted compared to earlier months, as affordability challenges from high down payments and income requirements persist.
The average down payment on mortgaged home purchases reached a record $91,600 in July, highlighting the continuing affordability crisis facing potential homebuyers.
Despite mortgage rates dipping below 6.5%, affordability remains a significant barrier, with buyers needing 10 percentage points more of median income than historical averages.
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