Buying a home just got easier

There’s never been a better time to buy a home — at least not in the last three years. According to a new analysis, housing affordability has officially increased for the first time since 2016.

Housing affordability is on the rise

According to a new analysis from First American, national housing affordability has finally increased, marking the first time in three years it’s seen a jump.

As Mark Fleming, First American’s chief economist, explains, “What began as a modest shift toward a buyers’ market in six cities last month has expanded into a national shift in affordability.”

The reason behind the increased affordability is three-fold, with slowing home price growth, rising household income and declining mortgage rates all playing a role. Mortgage rates officially dipped below 4 percent last week, according to Freddie Mac, and home price appreciation has been slowing down for a full year. In the meantime, household income grew 3 percent over the year.

Where affordability is up the most

First American’s analysis shows... visit Mortgage Reports for full article: https://themortgagereports.com/50994/housing-affordability-jumps-for-the-first-time-since-2016