{"id":5435,"date":"2022-04-22T08:49:00","date_gmt":"2022-04-22T13:49:00","guid":{"rendered":"https:\/\/www.morty.com\/resources\/?p=5435"},"modified":"2022-04-22T20:38:00","modified_gmt":"2022-04-23T01:38:00","slug":"all-eyes-on-affordability","status":"publish","type":"post","link":"https:\/\/www.morty.com\/resources\/the-morty-report\/all-eyes-on-affordability","title":{"rendered":"All Eyes on Affordability"},"content":{"rendered":"\n<p>Welcome back to The Morty Report! Rising rates are still top of mind for many buyers, so I\u2019ve taken another deep dive to help you find ways to remain competitive in the current market. Have an idea for a future newsletter? Share it with me at MortyReport@morty.com, or on Twitter <a href=\"https:\/\/twitter.com\/RobMortgages\" target=\"_blank\" rel=\"noreferrer noopener\">@RobMortgages<\/a>.<\/p>\n\n\n\n<p>\u2013 Robert Heck, <em>Vice President of Mortgage at Morty<\/em><\/p>\n\n\n\n<div class=\"wp-block-group is-layout-flex wp-block-group-is-layout-flex\">\n<h2 class=\"wp-block-heading\">What to know now<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Rates continued to bounce around this week, with some periods of improvement, but are ending the week slightly higher.<\/li>\n\n\n\n<li><a href=\"https:\/\/fortune.com\/2022\/04\/19\/housing-prices-mortgage-rates-homeowners-dont-want-to-sell\/\" target=\"_blank\" rel=\"noreferrer noopener\">Inventory remains low<\/a> which keeps buyer demand high even as rates cut into affordability.<\/li>\n\n\n\n<li>Rate volatility persists, and the spring market remains largely unpredictable for homebuyers.<\/li>\n\n\n\n<li>Want to know what you can afford? Find <a href=\"https:\/\/www.morty.com\/mortgage-rates\" target=\"_blank\" rel=\"noreferrer noopener\">today\u2019s rates here<\/a>.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-flex wp-block-group-is-layout-flex\">\n<h2 class=\"wp-block-heading\">What to do<\/h2>\n\n\n\n<p><strong>Think you\u2019ve been priced out of the market?<\/strong>&nbsp;You may need to compromise on what you can afford and should consider your desire to buy right now against your overall financial situation and long-term homeownership goals. There\u2019s no question that buyers are in a tough position, but affordability is different market-to-market. <a href=\"https:\/\/www.morty.com\/resources\/mortgage-101\/mortys-start-to-finish-guide-to-house-hunting\" target=\"_blank\" rel=\"noreferrer noopener\">Prospective buyers<\/a> should dig into the trends they\u2019re seeing in the towns or neighborhoods they\u2019re interested in buying in, keeping an eye on inventory in particular to get a sense of where the market is headed.<\/p>\n\n\n\n<p><strong>Trying to get the most competitive rate?<\/strong>&nbsp;It\u2019s a good idea to evaluate and track your qualified mortgage options with an eye toward locking in a loan option. <a href=\"https:\/\/www.morty.com\/resources\/mortgage-101\/first-home-tough-market\" target=\"_blank\" rel=\"noreferrer noopener\">Locking a rate<\/a> typically isn\u2019t binding, and you can always reevaluate your options as things progress. Shopping around for a mortgage and understanding what your options are has never been more important. Increased competition among lenders also points to the value of checking out <a href=\"https:\/\/www.morty.com\/resources\/mortgage-101\/first-home-tough-market\" target=\"_blank\" rel=\"noreferrer noopener\">a mortgage marketplace<\/a>, like Morty.<\/p>\n\n\n\n<p><strong>Worried there\u2019s a housing bubble?<\/strong>&nbsp;Supply and demand are significantly <a href=\"https:\/\/fortune.com\/2022\/04\/18\/mortgage-payment-income-2022-housing-market-2008-bubble\/\" target=\"_blank\" rel=\"noreferrer noopener\">different than in the 2000&#8217;s<\/a> leading up to the previous housing crisis. As long as inventory is low and total units remain near current levels, home prices should remain stable. If you look at home price appreciation over the last 20 years, housing is not in an obvious bubble relative to historical standards or other assets such as stocks. This being said, there\u2019s always the risk that shifts in other markets could cause weakness in the housing market, but signs do not currently point to a housing bubble.<\/p>\n<\/div>\n\n\n\n<p class=\"has-text-align-center has-background has-normal-font-size\" style=\"background-color:#faf7f3\"><strong>Not sure what to do? Ask Robert!<\/strong><br>Submit your questions to&nbsp;<a href=\"mailto:MortyReport@morty.com\">MortyReport@morty.com<\/a>&nbsp;or on Twitter&nbsp;<a href=\"https:\/\/twitter.com\/RobMortgages\" target=\"_blank\" rel=\"noreferrer noopener\">@RobMortgages<\/a>&nbsp;for a chance to be answered in the next Morty Report!<\/p>\n\n\n\n<div class=\"wp-block-group is-layout-flex wp-block-group-is-layout-flex\">\n<h2 class=\"wp-block-heading\">Factors influencing the market<\/h2>\n\n\n\n<p>No real surprises here: The spring market continues to be unpredictable, and buyers will need to be flexible and well prepared. We focused on <a href=\"https:\/\/fortune.com\/2022\/04\/18\/mortgage-payment-income-2022-housing-market-2008-bubble\/\" target=\"_blank\" rel=\"noreferrer noopener\">affordability in our last edition<\/a>, and the subject remains top of mind for buyers as rising rates have changed what they can afford. Dwindling inventory means that <a href=\"https:\/\/www.cnbc.com\/2022\/04\/20\/the-price-of-a-home-sold-in-march-set-a-new-record-as-inventory-dwindled-and-sales-fell.html\" target=\"_blank\" rel=\"noreferrer noopener\">demand persists and prices continue to increase<\/a>.<\/p>\n\n\n\n<p>Rates have continued their upward climb over the past two weeks, with <a href=\"https:\/\/freddiemac.gcs-web.com\/news-releases\/news-release-details\/mortgage-rates-hit-five-percent?_ga=2.122739915.1977132033.1650476691-1750769859.1648762088\" target=\"_blank\" rel=\"noreferrer noopener\">key benchmarks hitting 5%<\/a> for the first time in over a decade. While inflation remains a factor, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-05\/brainard-says-fed-to-shrink-balance-sheet-rapidly-as-soon-as-may\" target=\"_blank\" rel=\"noreferrer noopener\">broader trends in the credit market<\/a> and ongoing volatility replaced inflation as the primary driver of rates <a href=\"https:\/\/www.npr.org\/2022\/04\/08\/1091398386\/mortgage-rates-just-hit-5-buying-a-home-has-become-a-lot-more-expensive\" target=\"_blank\" rel=\"noreferrer noopener\">upward movement over the past week<\/a>.<\/p>\n\n\n\n<p>If you\u2019re in the market for a home, really <a href=\"https:\/\/www.morty.com\/resources\/money-matters\/how-to-calculate-a-mortgage-payment\" target=\"_blank\" rel=\"noreferrer noopener\">examine what affordability looks like<\/a> for you to understand the impact of recent rate shifts on your budget. Remember that affordability also depends on your purchase timeline, and <a href=\"https:\/\/www.morty.com\/resources\/mortgage-101\/how-much-house-can-i-afford\" target=\"_blank\" rel=\"noreferrer noopener\">other expenses related to homeownership<\/a> beyond your mortgage payments are important to consider, too.<\/p>\n<\/div>\n\n\n\n<p class=\"has-text-align-center has-background\" style=\"background-color:#fcf6f0\"><strong>Reader question of the week<\/strong><br><em>I\u2019m a renter looking to buy eventually. A few homes have been listed in our target neighborhood. Is it a good time to enter the market?<\/em><br>\u2013 Lawrence E., Southern California<br><br>Timing <a href=\"https:\/\/www.morty.com\/resources\/mortgage-101\/spring-summer-fall-or-winter-whens-the-best-season-to-buy-a-home\" target=\"_blank\" rel=\"noreferrer noopener\">the market is difficult<\/a>, and the answer to your question really depends on your own individual circumstances. In general, declining inventory suggests that demand is still strong, while increasing inventory could suggest that demand has softened. That said, there could be other factors at play: Are there construction projects bringing new homes to the market? Are there other economic forces impacting your area (e.g., job losses or gains)? Has the neighborhood&#8217;s desirability been impacted by recent events like a natural disaster that could lead more homeowners to list? While there are a variety of things you should consider, increasing inventory could indicate that the market is less competitive than it was previously, making it a more appealing time to buy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Rob&#8217;s recent insights <\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/money.yahoo.com\/mortgage-rates-hit-11-year-high-142024794.html\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-6-1024x1024.png\" alt=\"\" class=\"wp-image-5482\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-6-1024x1024.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-6-300x300.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-6-150x150.png 150w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-6-768x768.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-6-80x80.png 80w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-6-600x600.png 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-6-120x120.png 120w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-6.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/www.wsj.com\/articles\/mortgage-rates-are-still-low-heres-how-home-buyers-can-lock-in-rates-11646303402\"><\/a><a href=\"https:\/\/www.wsj.com\/articles\/mortgage-rates-are-still-low-heres-how-home-buyers-can-lock-in-rates-11646303402\"><\/a><a href=\"https:\/\/money.yahoo.com\/mortgage-rates-hit-11-year-high-142024794.html\" target=\"_blank\" rel=\"noreferrer noopener\">Mortgage rates hit 5%, an 11-year high<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/money.com\/tips-buying-house-when-high-inflation\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-4-1024x1024.png\" alt=\"\" class=\"wp-image-5480\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-4-1024x1024.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-4-300x300.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-4-150x150.png 150w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-4-768x768.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-4-80x80.png 80w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-4-600x600.png 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-4-120x120.png 120w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-4.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/money.com\/tips-buying-house-when-high-inflation\/\" target=\"_blank\" rel=\"noreferrer noopener\">5 Tips for Buying a House When Inflation Is High<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.businessinsider.com\/personal-finance\/average-mortgage-interest-rate\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-5-1024x1024.png\" alt=\"\" class=\"wp-image-5481\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-5-1024x1024.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-5-300x300.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-5-150x150.png 150w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-5-768x768.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-5-80x80.png 80w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-5-600x600.png 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-5-120x120.png 120w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-5.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/www.businessinsider.com\/personal-finance\/average-mortgage-interest-rate\" target=\"_blank\" rel=\"noreferrer noopener\">The average mortgage interest rate by state, credit score, year, and loan type<\/a><\/figcaption><\/figure>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile is-image-fill has-white-color has-theme-palette-1-background-color has-text-color has-background\" style=\"grid-template-columns:35% auto\"><figure class=\"wp-block-media-text__media\" style=\"background-image:url(https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans-1024x576.webp);background-position:37% 37%\"><a href=\"https:\/\/www.morty.com\/mortgage-rates\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans-1024x576.webp\" alt=\"couple doing online banking\" class=\"wp-image-9267 size-full\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans-1024x576.webp 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans-300x169.webp 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans-768x432.webp 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans-1536x864.webp 1536w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans-600x338.webp 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans.webp 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><div class=\"wp-block-media-text__content\">\n<p class=\"has-text-align-center has-large-font-size\">Ready to move forward?<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-75\"><a class=\"wp-block-button__link has-theme-palette-3-color has-white-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.morty.com\/get-started\/mortgage\" style=\"border-radius:100px\" target=\"_blank\" rel=\"noreferrer noopener\">get pre-approved in minutes<\/a><\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>April 22, 2022. Rising rates are still top of mind for many buyers, so I\u2019ve taken another deep dive to help you find ways to remain competitive in the current market.<\/p>\n","protected":false},"author":30,"featured_media":5946,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_lmt_disableupdate":"yes","_lmt_disable":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[611],"tags":[100,564],"series":[562],"class_list":["post-5435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-morty-report","tag-homeownership","tag-mortgage-rates","series-the-morty-report-newsletter"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>All Eyes on Affordability | Morty Resources<\/title>\n<meta name=\"description\" content=\"Priced out? Affordability varies, requiring smart decisions. Explore trends in your area, assess your options, and lock in a competitive mortgage rate.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.morty.com\/resources\/the-morty-report\/all-eyes-on-affordability\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"All Eyes on Affordability | Morty Resources\" \/>\n<meta property=\"og:description\" content=\"Priced out? Affordability varies, requiring smart decisions. 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