Housing Affordability at a Record High
Housing Affordability at a Record High
Housing Affordability at a Record High
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March 13, 2012 (Chris Moore)

For buyers who can qualify for a mortgage, now is very good time to purchase a home according to the National Association of Realtors® (NAR), as housing affordability has reached its highest level since the organization began keeping records in 1970.

NAR’s Housing Affordability Index surpassed 200 for the first time its history, reaching a record high 206.1 in January.

The Index uses a base value of 100 to represent the point where a median-income household has enough income to qualify for the purchase of a median-priced existing single family home. The conditions assume that the household would have a 20 percent down payment and be capable of devoting 25 percent of their income to their total mortgage payment.

If the value falls below 100, the less purchasing power the household would have, if it goes above 100, the greater the purchasing power of the household.

Since the Housing Affordability Index has surpassed 200, the typical household has roughly double the income they need to purchase a median-priced home.

Moe Veissi, president of NAR, stated, “This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home. For buyers who can qualify for a mortgage, now is a very good time to become a homeowner.”

With mortgage rates expected to remain low and home prices expected to remain soft, the affordability index is expected to remain at an annual high for all of 2012.

“If access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices with modest gains in areas with stronger job growth,” Veissi added.

Tags: NAR, housing affordability index, low mortgage rate, soft home prices, median-income, purchasing power

Source:
NAR

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Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

March 13, 2012 (Chris Moore)

For buyers who can qualify for a mortgage, now is very good time to purchase a home according to the National Association of Realtors® (NAR), as housing affordability has reached its highest level since the organization began keeping records in 1970.

NAR’s Housing Affordability Index surpassed 200 for the first time its history, reaching a record high 206.1 in January.

The Index uses a base value of 100 to represent the point where a median-income household has enough income to qualify for the purchase of a median-priced existing single family home. The conditions assume that the household would have a 20 percent down payment and be capable of devoting 25 percent of their income to their total mortgage payment.

If the value falls below 100, the less purchasing power the household would have, if it goes above 100, the greater the purchasing power of the household.

Since the Housing Affordability Index has surpassed 200, the typical household has roughly double the income they need to purchase a median-priced home.

Moe Veissi, president of NAR, stated, “This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home. For buyers who can qualify for a mortgage, now is a very good time to become a homeowner.”

With mortgage rates expected to remain low and home prices expected to remain soft, the affordability index is expected to remain at an annual high for all of 2012.

“If access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices with modest gains in areas with stronger job growth,” Veissi added.

Tags: NAR, housing affordability index, low mortgage rate, soft home prices, median-income, purchasing power

Source:
NAR

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

March 13, 2012 (Chris Moore)

For buyers who can qualify for a mortgage, now is very good time to purchase a home according to the National Association of Realtors® (NAR), as housing affordability has reached its highest level since the organization began keeping records in 1970.

NAR’s Housing Affordability Index surpassed 200 for the first time its history, reaching a record high 206.1 in January.

The Index uses a base value of 100 to represent the point where a median-income household has enough income to qualify for the purchase of a median-priced existing single family home. The conditions assume that the household would have a 20 percent down payment and be capable of devoting 25 percent of their income to their total mortgage payment.

If the value falls below 100, the less purchasing power the household would have, if it goes above 100, the greater the purchasing power of the household.

Since the Housing Affordability Index has surpassed 200, the typical household has roughly double the income they need to purchase a median-priced home.

Moe Veissi, president of NAR, stated, “This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home. For buyers who can qualify for a mortgage, now is a very good time to become a homeowner.”

With mortgage rates expected to remain low and home prices expected to remain soft, the affordability index is expected to remain at an annual high for all of 2012.

“If access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices with modest gains in areas with stronger job growth,” Veissi added.

Tags: NAR, housing affordability index, low mortgage rate, soft home prices, median-income, purchasing power

Source:
NAR

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.