Mortgage Rates Hit , Highest Level Since 2009.
CNBC reports that home prices in the
United States are continuing to soar more than they have historically. .
Black Knight, a mortgage technology and data provider, estimates that 95% of the 100 largest housing markets in America are less affordable for the average homebuyer.
CNBC reports that figure was only 6%
at the beginning of the pandemic.
Additionally, 37 housing markets are
more expensive than they've ever been. .
Mortgage News Daily reports that the
average 30-year fixed mortgage rate,
which began at 3.29% this year.
reached 5.55% on May 2. .
CNBC reports rates could climb even higher following a Federal Reserve meeting on May 4.
According to Black Knight, if home prices increase
by 5% or if mortgage rates rise 50 basis points.
home affordability will be the
worst it's ever been
