{"id":78762,"date":"2024-10-29T05:00:33","date_gmt":"2024-10-29T12:00:33","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78762"},"modified":"2024-10-28T14:43:16","modified_gmt":"2024-10-28T21:43:16","slug":"housing-market-update-homebuyers-lose-purchasing-power-october-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-homebuyers-lose-purchasing-power-october-2024\/","title":{"rendered":"Homebuyers Lose $33,000 in Purchasing Power in 6 Weeks As Mortgage Rates Hit 7%"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Daily average mortgage rates have increased by nearly a whole percentage point since mid-September, bruising homebuyers\u2019 budgets. The jump in rates comes just one week before a presidential election in which housing affordability is a top issue for voters. <\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">hit 7%<\/span><\/a><span style=\"font-weight: 400;\"> on October 28, the highest level since the start of summer and up nearly one percentage point from the 18-month low they dropped to in mid-September.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A homebuyer on a $3,000 monthly budget can afford a $442,500 home with a 7% mortgage rate, the daily average 30-year fixed rate on October 28. That buyer has lost $33,250 in purchasing power over the last six weeks; they could have purchased a $475,750 home with the 6.11% average rate on September 17. That was the lowest level since February 2023.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That buyer still has $17,000 more purchasing power than they would have had in April, when mortgage rates peaked at 7.5%. But the recent rise in mortgage rates is disappointing for buyers who missed out on the short window of rates that were much closer to 6% than 7%.\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-FEIwf\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"How much home can you buy on a variety of fixed monthly payments as mortgage rates change?\" src=\"\/\/datawrapper.dwcdn.net\/FEIwf\/6\/\" height=\"600\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"])for(var e in a.data[\"datawrapper-height\"]){var t=document.getElementById(\"datawrapper-chart-\"+e)||document.querySelector(\"iframe[src*='\"+e+\"']\");t&&(t.style.height=a.data[\"datawrapper-height\"][e]+\"px\")}})}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">To look at affordability another way, the monthly mortgage payment on the $428,000 median-priced U.S. home\u00a0 is <\/span><a href=\"https:\/\/www.redfin.com\/mortgage-calculator\"><span style=\"font-weight: 400;\">$2,895<\/span><\/a><span style=\"font-weight: 400;\"> with a 7% mortgage rate. That\u2019s about $200 higher than the $2,694 monthly payment with a 6.11% rate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates are jumping largely because investors are becoming <\/span><a href=\"https:\/\/www.nytimes.com\/2024\/10\/25\/business\/economy\/trump-economy-markets-trade.html\"><span style=\"font-weight: 400;\">more worried<\/span><\/a><span style=\"font-weight: 400;\"> about increased government spending after the election. Additionally, the most recent <\/span><a href=\"https:\/\/www.redfin.com\/news\/september-jobs-report-analysis\/\"><span style=\"font-weight: 400;\">jobs<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.redfin.com\/news\/september-cpi-report\/\"><span style=\"font-weight: 400;\">inflation<\/span><\/a><span style=\"font-weight: 400;\"> reports both reflected a fairly strong economy, making it more likely the Fed makes a small interest-rate cut\u2013as opposed to a big one\u2013at their next meeting.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMy advice for buyers is to focus on finding a house they love and try to negotiate on things they have some control over, like the sale price and home repairs,\u201d said Redfin Economic Research Lead <a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\">Chen Zhao<\/a>. \u201cSellers should know Redfin agents are reporting that there are buyers out there, but they\u2019re mostly looking for move-in ready homes in good condition.\u201d\u00a0<\/span><\/p>\n<h3>How rising mortgage rates impact housing affordability in swing states<\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates jumping to 7% could impact voters\u2019 decision in the upcoming presidential election. Housing affordability is a <\/span><a href=\"https:\/\/www.redfin.com\/news\/gen-z-housing-affordability-important-vote\/\"><span style=\"font-weight: 400;\">top voting issue<\/span><\/a><span style=\"font-weight: 400;\"> this year, according to a recent Redfin survey.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Zooming in on the seven swing states that will decide the election, five of them have median home-sale prices lower than the national median of $428,000. Only Nevada ($468,000)\u00a0 and Arizona ($442,000) have higher prices, though they\u2019re only slightly higher. Assuming a typical house hunter in Nevada and Arizona have a $3,000 monthly budget, they have lost about $33,000 over the last six weeks\u2013the same as for the typical buyer nationwide.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In both Georgia and North Carolina, where the typical home goes for $377,000, let\u2019s say the average buyer has a monthly budget of $2,500, a bit lower than in states where homes are more expensive. That buyer can purchase a $368,750 home with a 7% mortgage rate, compared to the $396,500 home they could have purchased with the 6.1% rates that were common in mid-September. That translates to a loss of $27,750 in purchasing power.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Median home prices are comparatively low in Michigan ($266,000), Pennsylvania ($296,000) and Wisconsin ($316,000). Assuming the typical buyer in those states has an accordingly lower budget of $2,000, they can afford a $295,000 home with a 7% rate. They have lost $22,250 in purchasing power over the last six weeks; they could have bought a $317,250 home with a 6.1% rate.\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"6\"><b>Swing States: How Much Purchasing Power a Typical Homebuyer Has Lost With Rising Mortgage Rates<\/b><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><b>Median home-sale price (Sept. 2024)<\/b><\/td>\n<td><b>Realistic monthly budget<\/b><\/td>\n<td><b>Purchasing power w\/ 7% mortgage rate<\/b><\/td>\n<td><b>Purchasing power w\/ 6.1% mortgage rate<\/b><\/td>\n<td><b>How much purchasing power buyers have lost\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Arizona<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$442,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$442,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$475,750<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$33,250<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Georgia<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$377,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$368,750<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$396,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$27,750<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Michigan<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$266,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$295,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$317,250<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$22,250<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">North Carolina<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$377,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$368,750<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$396,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$27,750<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nevada<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$468,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$442,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$475,750<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$33,250<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pennsylvania<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$296,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$295,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$317,250<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$22,250<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Wisconsin<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$316,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$295,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$317,250<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$22,250<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Daily average mortgage rates have increased by nearly a whole percentage point since mid-September, bruising homebuyers\u2019 budgets. The jump in rates comes just one week before a presidential election in which housing affordability is a top issue for voters. Mortgage rates hit 7% on October 28, the highest level since the start of summer and [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":78765,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[20,19],"dashboard":[],"coauthors":[124],"class_list":["post-78762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-housing-affordability","tag-politics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Homebuyers Lose $33,000 in Purchasing Power in 6 Weeks As Mortgage Rates Hit 7%<\/title>\n<meta name=\"description\" content=\"Mortgage rates have increased by nearly a whole percentage point since mid-September, bruising homebuyers\u2019 budgets. 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