June 3, 2024
In the current report, Realtor.com®, in collaboration with the National Association of REALTORS®, quantifies the effect of expected lower mortgage rates. To do that, after computing the maximum affordable price, they estimated the number of listings that are affordable for each income group when rates are 6.8% (currently) versus a 6.0% rate. This decrease in mortgage rates – 80 basis points – allows for a considerable increase in the purchasing power of home buyers for each income group since they can afford to purchase more expensive homes. For instance, buyers earning $100,000 can afford to purchase a home valued at up to $327,460 at a 6.8% rate. Nevertheless, if the rate were to decrease to 6.0%, the same buyer could afford a home priced up to $348,070 (6.3% more expensive).
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This report by Realtor.com®, in collaboration with the National Association of REALTORS®, quantifies the effect of expected lower mortgage rates, showing that an 80 ba… Read more
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