The difference between monthly mortgage payments and rents hasn't been this big since 2006, around the peak of the housing bubble that led to the Great Financial Crisis.
Limited housing inventory in the US has kept prices elevated, and the Fed's aggressive interest rate hiking campaign over the last year has made mortgage payments more costly. On Thursday, mortgage giant Freddie Mac reported that mortgage rates fell for a second consecutive week, offering some relief in affordability. The average for a 30-year, fixed rate loan was 6.42%, down from 6.6% the week prior to mark the largest one-week decline since January.
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Source: FXStreetNews - 🏆 14. / 72 Read more »