Even if mortgage rates fall by 100 bps in 2026, demand for second-lien products is likely to remain strong, as the math continues to be compelling for consumers. Looking at today’s mortgage coupon profile, rates must fall below 4% before more than half the market moves into the money to
The following information has haunted me since last year.
“According to Fannie Mae calculations, it would take one of three things, or a combination of them, for affordability to return to 2016-2019 levels: The median price of a single-family home would need to fall 38% to $257,000 from September’s $414,340; median household income would have to rise more than 60% to $134,500; or the mortgage rate would need to fall to 2.35% from roughly 6.5%.”
As we enter 2026, the numbers behind that statement have not improved. They paint a sobering picture of how difficult it will be for the housing details ⇒
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