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First-Time Homebuyers Feel Pinch of Higher Mortgage Rates

Friday, Nov 11 2022
Lending
Written by  The Mortgage Leader

Soaring borrowing costs in the United States have pushed first-time homebuyers to spend potentially unaffordable amounts on mortgage. So reports Bloomberg.

arrow 2790272 640 585x585According to the National Association of Realtors, 37.8% of first-time homebuyers’ income went to mortgage payments in the third quarter, up one percentage point from 2Q.

The real estate industry organization recommends families spend no more than 25% of their monthly income on mortgage principal and interest.

Read the full article from Bloomberg.

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