At the national level, housing affordability declined in February compared to a year ago according to NAR’s Housing Affordability Index. Affordability declined in February compared to January as the median family income rose by 3.5% while the monthly mortgage payment increased 5%. The effective 30-year fixed mortgage rate1 was 2.73% this February compared to 3.53% one year ago, but the median existing home sales price rose 16% from one year ago.

Full article at NAR.

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