Homes are actually more affordable now than they were in the late 1990s, according to the latest Mortgage Monitor Report by Black Knight Inc., a mortgage data and performance information provider.
A Closer Look: NAR’s Housing Affordability Index
Interest rates have plunged by 40 basis points over the past six months. However, the bulk of the potential savings is offset by the accelerating rate of home price appreciation across the country.
“Rising home prices continue to offset the majority of would-be savings from recent interest rate declines, which has kept affordability near a postrecession low,” says Ben Graboske, executive…