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1、MaMay y 20242024The Dual Impact of Lower Mortgage Rates on Affordability and Availability of HomesNational Association of REALTORS Research GroupRNAR Research and R StaffLawrence Yun,Ph.D.Chief Economist and Senior Vice President,NARJessica Lautz,Dr.of Real EstateVice President,Deputy Chief Economis

2、t,NARMeredith DunnResearch Manager,NARDanielle HaleChief Economist,RSabrina SpeianuEconomic Data Manager,R2024 National Association of REALTORS All Rights Reserved.May not be reprinted in whole or in part without permission of the National Association of REALTORS.For reprint information,contact data

3、realtors.org.IntroductionAffordability is far from a novel concern.It has consistently been a challenge,deteriorating over the past decade with only a few years as exceptions.Fast-rising home prices,driven by the mismatch between housing demand and housing supply,contributed significantly to increas

4、ing borrowing costs and,subsequently,diminishing the purchasing power of home buyers.However,affordability has been aggravated even further in the last couple of years,sinking to new record lows.This was largely a result of rising mortgage rates,driven by the Federal Reserves monetary policy of high

5、er interest rates.Specifically,with a 10%down payment,home buyers now face a monthly mortgage payment of$2,330 for a$400,000 home,compared to$1,880 before the pandemic when mortgage rates were about 2 percentage points and home prices lower than now.Meanwhile,affordability is interconnected with the

6、 availability of homes.Lower affordability also results in fewer affordable options,particularly for lower-and middle-income buyers.For example,currently,there are about 37%of the listings that home buyers earning$100,000 can afford to buy,a stark contrast to the higher percentage of over 60%that th