Posted 2/1/2024, 9:33:22 PM
Mortgage Costs Still High Despite Slight Dip; Falling Home Prices Offer Sliver of Affordability
- Mortgage rates dropped slightly this week but remain much higher than last year
- Home prices are decreasing in some major metro areas as buyers seek affordability
- Households are moving across state lines to find cheaper housing options
- The housing market likely won't become affordable again for over 3 years
- Average monthly mortgage payments rose over $200 between 2022 and 2023