Homebuyers are facing the worst conditions this century in regards to affordability. Lance Lambert reports in Fortune:
On Monday, the average 30-year fixed mortgage rate reached 7.48%, marking the highest level since the year 2000. Even prior to this recent surge in mortgage rates, housing affordability, as monitored by the Atlanta Fed, had already deteriorated beyond the levels seen at the housing bubble’s peak in 2006. Once this latest mortgage rate surge is factored in, August 2023 will become the worst month for housing affordability this century.
Your Survival Guy’s take: If you’re in the market for a second home, try renting for a season or two. Get a lay of the land. Meet your neighbors. Find out who’s selling and why. Your increased knowledge will make you a more informed buyer.
