Low Mortgage Rates Help Maintain Continuous Housing Affordability


However, since the beginning of 2019, mortgage rates have dropped, which has increased affordability. After the 30-year fixed rate ended at around 4% in 2018, it fell to 2.85% over the next few quarters by the end of 2020, although it rose to 2.96% in the first quarter. But affordability may have improved recently due to lower rates. According to Federal Home Loan Mortgage Corp., after early April, mortgage rates dropped from 3.18% to 2.88% by mid-July.

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