The downturn follows a streak of weekly increases in 30 year fixed mortgage rates, which hit 7.4% for the week ending Oct. 8 according to Freddie Mac. Daily benchmarks from Mortgage News Daily have reached 7.6%, prompting a record 21% of sellers to lower their asking prices to attract buyers. Mortgage applications for purchase loans have fallen 13% year over year on a 4 week rolling average.
Tuesday, October 20, 2026
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US Housing Affordability Hits Record Low and Sales Plunge
US Markets10 days ago
Income requirements for prospective homeowners have risen above average annual earnings, with typical families now needing more than $120,000 a year to buy a median priced house. This gap has driven US home sales to their lowest level in 31 years and increased monthly payments on a $500,000 loan by roughly $400 to about $3,400. The Atlanta Fed reports that housing has reached its least affordable state on record, leaving many potential buyers priced out.
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