![Ways To Overcome Affordability Challenges in Today’s Housing Market [INFOGRAPHIC]](https://files.keepingcurrentmatters.com/content/images/20230428/Ways-To-Overcome-Affordability-Challenges-In-Todays-Market-KCM-Share.png)
There’s been a lot of focus on higher mortgage rates and how they’re creating affordability challenges for today’s homebuyers.
The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring.
The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year.
Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.
If you’ve been following the housing market over the last couple of years, you’ve likely heard about growing affordability challenges. But according to experts, the key factors that determine housing affordability are projected to improve this year. Selma Hepp, Executive, Deputy Chief Economist at CoreLogic, shares: