Mortgage rates decrease, yet affordability crisis remains

Mortgage rates decreased for the second consecutive week. However, the 30-year fixed-rate mortgage still hovers just above 7%. Yahoo Finance's Rebecca Chen joins Wealth! to explain what this could mean for buyers.
Even though rates have been falling for two weeks straight, the number of applications on the market has remained largely unchanged, signaling a continuing affordability crisis facing homebuyers, Chen says.
Mortgage rates have been historically hard to predict, yet many believe that rates could fall to the 6 to 7% range following new inflation data showing moderation. If the Federal Reserve cuts interest rates this year, house prices could still remain high due to an inventory shortage, Chen notes.
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[@Gus_Magnus]

2 incomes contributing $1,800K to the mortgage can afford a reasonable home of 450K home at a 7% interest rate, zero down payment. People want the best mortgage rate, though, and gambling with an adjustable rate isn't everyone's cup of tea.
For a single person or for a sole provider, you'd have to make a quarter million dollars or more annually to afford a home right now, at least in urban areas.

[@semperapparatus987]

I call BS on shortages. If nobody is buying, the amount of inventory is irrelevant. I’ve had my house on the market a month with 4 showings. Good price, condition and location. They say that’s a sellers market?! Ha,I’d hate to see what a buyers market looks like.

[@inspectah2342]

Sometimes it’s good to buy a house when the interest rates are high and the sale prices are low. You can always come back and get a lower rate but the sales price is final

[@garymaya1767]

Thanks for the news. Looks like a mess.

[@HeartsU2]

No buying unless it drops to 5 %. Better off investing your money elsewhere.

[@richpomanFU]

Decreased ? In what universe?

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