Mortgage Payment to Income Ratio Getting Into Pre-Meltdown Territory

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Mortgage Payment to Income Ratio Getting Into Pre-Meltdown Territory

Mortgage Payment to Income Ratio Getting Into Pre-Meltdown Territory Black Knight's latest Mortgage Monitor report was released this morning and it provided more timely insight on home price appreciation We already know that mortgage rates moved higher at a fairly brisk pace in January, but it was either too little or too late to make a difference in February's price appreciation. Notably, the annual growth rate was at least 10% in all of the nation's 100 largest markets for the first time on record, with the top five slots (Tampa, Austin, Raleigh, Phoenix, Nashville) all over 30%. One of the two key pieces of additional data is the average mortgage payment associated with the average-priced home. As the chart suggests, this ratio was only ever higher for a few years leading up to the mortgage meltdown and financial crisis of 2008.

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