It was the best of times…but really it was the worst of times. The combination of 7%-plus mortgage rates and rising home prices makes October the least affordable month for buying a house this century.
Mortgage rates, which hit a near 23-year high last month at 7.31% (today they’re 7.57%, according to Freddie Mac), strained buyers and sellers alike. Sellers are reluctant to let go of the homes they bought at sub-3% mortgage rates, while some buyers face spending upwards of 60% of their income on housing.
