Rising Mortgage Rates and Prices Make Housing Least Affordable Since 1984

Mortgage rates are nearing 8% and home prices have climbed for 3 straight months, making housing the least affordable since 1984.

Higher rates require 91% larger monthly payments for a median-priced home compared to 2 years ago.

Home affordability is not expected to improve anytime soon with high prices, low inventory, and potentially rising rates.

At current rates, a median-priced home requires 40% of median household income for the mortgage payment.

An aggressive Fed keeping rates higher for longer raises concerns about damage to the housing market and economy.