The average long-term U.S. mortgage rate hit a three-month high this week, reflecting higher Treasury yields and expectations that the Federal Reserve will continue to raise its benchmark rate and keep it there until inflation recedes.
A new study from brokerage and listings portal Redfin suggests the income needed to afford monthly mortgage payments on the median-priced home in Connecticut’s three biggest real estate markets doubled in the last year.
In each of Connecticut’s three biggest metro areas, home prices have risen so far not only is renting far cheaper than buying the median home, that home is out of reach of the majority of buyers.
A record low 25 percent of respondents in Fannie Mae’s latest monthly Home Purchase Sentiment Index survey said it was a good time to buy a home.
Median home prices in the second quarter of 2019 were not affordable for average wage earners in 74 percent of U.S. counties.
The years of historically affordable mortgage rates look to be ending as rates have steadily increased in recent months and show no signs of turning back, according to data released today by Zillow.
Younger generations want to buy homes, and some still hold traditional views on the value of homeownership.
Four cities in Connecticut ranked among the top 10 worst real estate markets in the country, according to a recent WalletHub study that compared 300 cities across two key dimensions including general real-estate market metrics, as well as on affordability and economic environment.
