US Housing Affordability Deteriorates Again as Mortgage Rates Hit 11-Month High

Macro

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US housing affordability is deteriorating again as mortgage rates climbed to their highest level in about 11 months and home prices reached a new record. The average rate on a 30-year fixed mortgage rose to 6.58% from 6.55% a week earlier, according to Freddie Mac, while the median US home-sale price increased 2.2% year over year in June to a record $408,776, based on Redfin data cited by The Kobeissi Letter. Freddie Mac Chief Economist Sam Khater noted that shopping around for a mortgage rate can save borrowers thousands over the loan's lifetime. Existing-home sales rose 4.2% year over year to a seasonally adjusted annual rate of roughly 4.4 million, the highest since November 2022, but new listings declined 0.8% month over month to 376,762, their lowest level since December. San Francisco led major metros with a 9.2% annual price increase, followed by Pittsburgh at 9.1% and West Palm Beach at 8.6%, while elevated borrowing costs and a 4.7 million-home supply shortage continue to squeeze affordability.