Home prices are heating up, but economists say that it is still a good year to be a homebuyer, according to a recent LendingTree report. Mortgage rates are low, and to top it off, the economy is cruising along. And even though houses are getting more expensive, the amount of income buyers are spending on their mortgage declined from 2010 through 2019: the drop in rates can equate to tens of thousands of dollars by the end of a loan’s period. So once again, those low rates are really shaping the housing market's performance.
Much has changed since the lows of the Great Recession and its immediate aftermath: The economy is booming, unemployment is low—and home prices have shot up in many parts of the country.
And despite the last few years of high prices, it's a good time to buy a home, according to a recent report from the online financial services marketplace LendingTree.
Mortgage interest rates, the number of foreclosures, and the amount of income buyers are spending on their mortgage payments all fell from 2010 through 2019. That's a win for buyers.
Advertisement
Related Stories
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds that beach homes are the most sought-after vacation-home type, and the investment potential of a second home is an important factor in homebuyers' purchasing decisions
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Sales
What the NAR Commissions Settlement Means for Home Builders
The legal settlement will improve transparency during the home sales process, mitigate predatory practices, and help preserve profitability for home builders