Mortgage payments are at their highest since the mid-1980s
nears the top of surveys about what Americans most want in life. Alas, this part of the American dream has rarely been harder to attain. Those looking to enter the property market face a triple whammy of high prices, costly mortgages and limited choice. Together these factors have conspired to make housing deeply unaffordable, with little sign of relief on the horizon.
Surprisingly, this jump in mortgage rates has not led to a decline in house prices. They fell briefly as rates began to rise but have since rebounded to the record highs hit early last year after covid-era stimulus boosted the economy.
Many of those braving the market in order to buy homes have opted for new-builds, not existing stock. One advantage of newly built homes is that they are actually available. Thus they account for about one-third of active listings this year, up from an average of 13% over the two decades before the covid-19 pandemic, according to the National Association of Home Builders.
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