Housing Affordability Hits Lowest Point in Four Decades

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With interest rates high and supply at near historic lows housing affordability in the US has fallen to the lowest point almost almost four decades. According to mortgage rate data from Black Knight, the housing market hasn't been this expensive since 1984. Last week. The average contract rate on a 30 year fixed mortgage rose to 7.16%. That's according to data from the Mortgage Bankers Association, some subprime buyers are being offered rates as high as 8%.