This is the first time that the majority of surveyed adults is saying that now is not a good time to buy a home.
Homebuyers Facing Uphill Battle
Adding insult to spiking home prices, mortgage interest rates climbed to 5.6% last week, an increase of more than two full percentage points compared to last year’s rates at this same time.
Interest rates are taking an extra hit as the Federal Reserve uploads its balance sheet of mortgage-backed securities. The 30-year fixed rate is now up +86.75% compared to last year at this time and the 10-year Treasury note is up +96.26% when compared to last year.
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What Happens If –
According to CNBC, if the 30-year fixed-rate mortgage with a 20% down payment rises to 5.75% (not at all unlikely), the monthly mortgage payment on an average home would be $1,867. With a 10% down payment on a 30-year fixed-rate mortgage, the average monthly mortgage payment would come in at $2,000.
And then there are the chilling effects of increasing home prices that continue increasing due to unabated demand amid skimpy housing inventories. According to the S&P CoreLogic Case Shilling National Home Price Index, home prices have increased +34% since the onslaught of the COVID pandemic. No, Millennials and Gen-Zers have never before seen anything like these home prices nor interest rate hikes.
Americans Never More Bearish about Homebuying
More Americans than ever are saying now is not a good time to buy a home. According to Gallup’s Annual Economic and Personal Finance poll taken April 1 – April 19, just 30% said that now was a good time to buy a home, a drop of -23% points from one year ago.
This is the first time that less than 50% of participants in Gallup’s annual economic and personal finance survey have said that now was a good time to buy a home.
With home prices up +34% since the beginning of the pandemic and monthly mortgage payments now costing nearly +$800 more than since the pandemic beginnings, it’s no wonder that now is not a good time to buy a home.
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Thanks to CNBC, Gallup, and S&P CoreLogic Case Shilling National Home Price Index.