The Impact of Mortgage Rates on Housing Affordability

According to the latest press release from Freddie Mac, the average rate on a 30-year fixed-rate mortgage has now risen to approximately 7.25%. Based NAHB’s priced-out data, at this rate, only about 27.5 million (out of a total of 134.7 million) U.S. households could afford to buy a median-priced new home.