Home price increases muting interest rate affordability

Price-House-AppreciationAny benefits to affordability delivered by recent improvements in interest rates have been significantly downgraded or even erased by home price increases. Black Knight Financial Services said in its March Mortgage Monitor that the interest rate declines the country enjoyed during the first months of 2016 could have saved a homebuyer $44 per month on a mortgage used to purchase a median priced home. However, home price appreciation cut that back to just $18 per month.

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