Morgage Rates Surge Ahead Of Agressive Rate Hike Cycle, Pushing Owning A Home Out Of Reach For Many

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Housing unaffordability hit a three-year high and may take a turn for the worse as the Federal Reserve prepares for a very aggressive rate hike cycle. If the Fed has six or more rate hikes before December, which the market is currently pricing in, mortgage rates could soar even higher, driving unaffordability to levels that could then reverse the red hot housing market.

"The strength of price gains are associated with the strength of the local job market, but the escalating prices took a toll on home shoppers, compelling many to come up with extra cash, and forcing others to delay making a purchase altogether," said Lawrence Yun, NAR chief economist.

"A number of families, especially would-be first-time buyers, are increasingly being forced out of the market, and this is why supply is critical to expanding homeownership opportunity."

The National Association of Realtors (NAR) reports mortgage payments for first-time homebuyers in the fourth quarter of 2021 jumped to 25.6% of their household incomes, the highest in three years and up 3.2 percentage points from the same quarter last year.