Housing prices rise despite low mortgage rates

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Real Estate

Despite hovering around their all-time low for several months now, it looks like mortgage rates have done about all they can for housing affordability.

According to a new report, skyrocketing home prices have now outstripped their power, and overall homebuying affordability is now moving downward.

Data from mortgage insurer First American shows that record-low mortgage rates boosted American homebuying power for much of 2020. At one point, buyers could afford a whopping $15,000 more house thanks to declining interest rates.

Find more information here: https://www.forbes.com/sites/alyyale/2020/10/29/housing-affordability-inches-down-despite-record-low-mortgage-rates/?sh=4a9721c86ec9