Housing Market: Affordability Concerns & Negative Wealth Effect
b'"A headwind affecting housing includes housing affordability as rising mortgage rates have increased monthly payments on the median home more than 55% in 2022. Now, we have an average 30-year mortgage rate at around 7.16%. Also the negative wealth effect is in place with stocks and bonds both being down double digits year-to-date. Consumer balance sheets have taken a hit," says Erin Sykes.'