The US housing market may be staging a powerful recovery – if one only goes by homebuilders record prices and certainly not the highest mortgage rates in 40 years – but it’s not because affordability is getting any better. On the contrary: according to Redfin, the typical homebuyer’s monthly mortgage payment was $2,605 during the four weeks ending July 30, up 19% from a year earlier and down just $32 from early July’s all-time high (with the 10Y blowing out, it’s just a matter of time before we hit a fresh record).
This means that housing payments remain historically high because mortgage rates remain elevated, with weekly average rates clocking in at 6.9% this week, and yet home prices continue to rise. Paradoxically, the median home-sale price is up 3.2% year over year, the biggest increase since November. Needless to say, the renewed rise in prices are not due […]
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