Mortgage Rates Slip Again In Still-Tense US Housing Market
If you're keeping track at home (or at "home," with scare quotes, if you're a renter), US mortgage rates just fell for a third consecutive week.
At 6.67%, financing costs are now the lowest since late October.
Recall that rates rose pretty much unabated in the weeks following the September FOMC meeting, causing consternation and more than a little confusion among legions of would-be American homeowners, who didn't realize the steady decline in rates leading into the first Fed cut was in part t
The problem, as you stated, is the median home price to annual income ratio. In 2019, that ratio was just over 5. Now it is approaching 8.
https://www.longtermtrends.net/home-price-median-annual-income-ratio/