According to Black Knight’s latest Mortgage Monitor, both supply & demand in the housing market are being impacted by a volatile interest rate environment. In addition, they say shortages in for-sale inventory are keeping affordability tight and buoying higher home prices that potentially lock would-be sellers in place. Indeed…
“Sharply rising 30-year rates in February have weakened home affordability, with nearly all major U.S. markets remaining unaffordable as compared to their own long-run averages….Between escalating inventory challenges and worsening affordability, we’re seeing some volatility in the market – just not in the form of widespread, steep price corrections.” Said Andy Walden, Black Knight’s Vice President of Enterprise Research.
Click here to read the full report at Black Knight.
