As Mortgage Rates Drop, Home Affordability Improves
The Pro Builder
SEPTEMBER 6, 2024
As mortgage interest rates begin to trend down, housing affordability is improving. According to financial services company Intercontinental Exchange's (ICE) September 2024 Mortgage Monitor Report, mortgage interest rate declines in August 2024 improved home affordability to its best level in six months. Three major U.S. markets—Birmingham, Ala., Des Moines, Iowa, and McAllen, Texas—have returned to their long-term affordability averages, with several other cities nearing this benchmark as
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