Homebuyers have faced a litany of challenges lately.
For two years, housing prices climbed, while inventory remained at a standstill. Now the market is finally starting to cool off, making the hunt for an affordable home less of a pipe dream for priced-out buyers. But fickle mortgage rates are creating yet another hurdle.
Interest rates have bobbed up and down since June; swinging between 5.89% to 4.99%, within a matter of weeks. And that’s making it hard for buyers to figure out whether or not they can actually afford a home.
“Month-to-month, we’re jumping around half a percent,” says Skylar Olsen, chief economist at Zillow. “That [has] a really big impact on mortgage payments.”
If you’re looking to buy a new home, it’s important to know how much you can afford. Find out today.
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