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Housing Market Update: Impact on the Economy and Financial Plans Thumbnail

Housing Market Update: Impact on the Economy and Financial Plans

Housing activity has been mixed in recent years across a number of measures. For new buyers, the biggest challenge with affordability is mortgage rates. The 30-year fixed mortgage rate is around 6.3%, well above the lows of 3% or less in 2020 and 2021, and the average of 4.6% since 2008. This means that the monthly cost of purchasing a home is significantly higher than it was just a few years ago, even for buyers with substantial down payments.

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