It's going to be hard for first-time buyers to afford a house.
The average rate on a 30-year mortgage hit 5% this week for the first time since 2011, according to widely cited data fromIt's becoming increasingly expensive to buy a house — if you can even find one. Over the past three months, mortgage rates have surged at a pace last seen inAt the same time, the home-buying frenzy driven by the pandemic has reduced the available supply of single-family houses.
It's going to be hard for first-time buyers to afford a house, but it'll likely be a while before the real estate madness moderates.
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