We continue our installments of the Keller Williams report: The Numbers That Drive Real Estate, looking at Affordability.

Affordability – % of Income:  The percentage of a median family’s income required to make mortgage payments on a median-priced home.

Housing affordability condition remained extremely favorable for home buyers.

The median mortgage payment now consumes 15% of family income instead of 19% a year ago.

According to Lawrence Yun, NAR chief economist, “Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates.”

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In this installment of the Keller Williams report: The Numbers That Drive Real Estate, we look at Mortgage Rates…

Mortgage rates are settling back down after spiking in recent weeks following rising yields on long-term government debt, which are closely tied to mortgages rates, amid concerns over the government’s deficit spending and inflationary pressure.

Average rates for 30-year mortgages fell for the second straight week to the lowest level in six weeks on weak employment figures and declining home values in many markets.

Mortgage Rates
30-Year Fixed

 Read more | Florida Real Estate | Panama City... (125 words, 1 image, estimated 30 secs reading time)