Inflation and rising home prices continue to erode Americans’ buying power, and rising borrowing costs add to the challenge of buying a home.
While rates are expected to climb in the long term, the next few weeks will be unpredictable as financial markets continue to churn. Meanwhile, inflation and escalating home prices continue to erode Americans’ buying power, putting the dream of homeownership increasingly out of reach for many.Many buyers jumped into the market earlier in the pandemic, and existing owners rushed to refinance, taking advantage of rates that were sliding.
An extra $100 to $200 on a mortgage payment typically wouldn’t be a primary deterrent for buyers, according to Susan Stewart, chief executive of. But that may be meaningful when taken together with other costs — such as for food and fuel — that are rising with inflation. “If somebody sits down and does a budget and says, OK, these are all my expenses today, which ones are going to increase? And when you pile that on, is that going to affect my ability to buy a home?” said Stewart, whose firm is based in San Antonio. “Cash flow-wise it might. Down payment-wise, it might.”
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