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Mortgages
Advertiser Disclosure


INFLATION AND THE HOUSING MARKET: WHAT YOU CAN DO AS PRICES SPIKE

Marje/Getty Images


ADVERTISER DISCLOSURE

We are an independent, advertising-supported comparison service. Our goal is to
help you make smarter financial decisions by providing you with interactive
tools and financial calculators, publishing original and objective content, by
enabling you to conduct research and compare information for free - so that you
can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American
Express, Bank of America, Capital One, Chase, Citi and Discover.


HOW WE MAKE MONEY.

The offers that appear on this site are from companies that compensate us. This
compensation may impact how and where products appear on this site, including,
for example, the order in which they may appear within the listing categories.
But this compensation does not influence the information we publish, or the
reviews that you see on this site. We do not include the universe of companies
or financial offers that may be available to you.


Written by
Suzanne De Vita
Written by
Suzanne De Vita
Mortgage editor

Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and
real estate topics for homebuyers, homeowners, investors and renters.

Suzanne De Vita
 * Aug. 10, 2022 /
 * 4 min read

Edited by
Bill McGuire
Edited by
Bill McGuire


Bankrate senior editor for mortgages Bill McGuire has been writing and editing
for more than four decades at major newspapers, magazines and websites.

Bill McGuire
 * Aug. 10, 2022 /
 * 4 min read

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Founded in 1976, Bankrate has a long track record of helping people make smart
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Although price inflation eased a bit in July, homebuyers and sellers still
continue to face the harsh reality that home prices — which are showing signs of
cooling down this year — are still very high. The question for house hunters
now: Should you wait out this period of elevated prices?


WHAT THE INFLATION REPORT REVEALED

The headline inflation number clocked in year over year at 8.5 percent last
month compared with 8.9 percent in June, a slight improvement but still
affecting everything from what you pay at the pump to the cost of housing. That
includes mortgage rates, which were on track to 6 percent in June, but in the
past four weeks retreated to the mid-5s.







To bring inflation back to Earth, the Federal Reserve has been steadily raising
rates — four times so far this year, with the latest hike at the end of July.
Those actions have indirectly influenced mortgage rates.

“Shelter costs are still rising at a knee-buckling pace, and accounted for 40
percent of the increase in the core CPI. Change in rent prices, in particular,
tend to lag increases in home prices so we can expect to see continued moves
higher for months to come in what is the biggest component of the inflation
index,” says Greg McBride, chief financial analyst for Bankrate.

While we might not see as dramatic an increase in rates for the remainder of the
year, the recent uptick drove monthly mortgage payments up 51 percent since last
May, according to the National Association of Realtors index for the second
quarter. That, coupled with growing home prices, spells “unaffordable,”
especially for first-time homebuyers.


WHAT’S HAPPENING IN THE HOUSING MARKET NOW

Nationally, home prices rose 18.3 percent year-over-year in June, CoreLogic
reports. While climbing mortgage rates should’ve slowed the trend, housing
inventory is still tight, and inflation isn’t helping matters.

That imbalance is translating to apprehension for homebuyers, who already had
limited options at an affordable price, and have less purchasing power with
higher rates today. A Fannie Mae index measuring home purchase sentiment
recently hit its lowest reading in 10 years.

Home sellers aren’t feeling as good about their prospects, either.

“Interestingly, consumers’ perceptions of home-selling conditions declined
meaningfully in June, returning to pre-pandemic levels,” said Doug Duncan,
senior vice president and chief economist for Fannie Mae, in a statement in
July. “This was particularly true for homeowner respondents. At the same time,
consumers, especially those in prime homebuying groups, appear to be feeling the
affordability pinch of higher mortgage rates: Approximately half of all
respondents indicated that it would be ‘difficult’ to get a mortgage, the
highest such percentage since 2014.”




SHOULD YOU WAIT FOR INFLATION TO COME DOWN?

With inflation still weighing on the economy and housing market, should you buy
a home now? What about selling your home now?

If you can’t make the numbers work, it’s OK to wait things out instead of buying
a home today to beat increased prices and rates, especially if you’re a
first-time buyer. While you’d be putting off building equity, you might find
you’re in a better position to buy in the future, when the market cools and your
income potentially has had an opportunity to grow.

“Inflation coming back down doesn’t mean prices falling; it just means prices
not rising as fast,” says McBride. “For homebuyers, a more modest pace of
appreciation or even a period of stagnant home prices can allow for incomes to
grow further. Rather than stretching too much now, you may be able to buy a bit
more comfortably in a couple of years if your income growth outpaces home price
growth. But there are no guarantees, and rents have certainly spiked in the
meantime.”

That said, the circumstances of your life might require you to buy a home now,
and that’s as acceptable a reason as any. Because you’re buying at the peak or
near-peak of the market, be prepared to stay in the home for a while if you want
to come out ahead when you sell.

For sellers, the tides are turning a bit. Depending on where you live, you could
find fewer takers, or need to come down on price. Let’s not forget what happens
on the other side of the transaction: When you go to purchase your next place to
live, you’ll be competing for a limited number of available properties — and now
likely obtaining a new mortgage at a higher rate, to boot.

If you’re set on buying now, you can try stretching your dollars by:

 * Putting your down payment savings in a high-yield account – One upside to
   inflation and the Fed’s response: higher interest rates on savings accounts.
   If you aren’t already, put your down payment contributions in a high-yield
   account. Just make sure the account allows you to access your money easily
   when it comes time for closing — some online savings accounts take three days
   to deliver your funds when you withdraw.
 * Considering a mortgage lender with low or no fees – While it might be more
   convenient to get a mortgage at your bank, banks typically charge an
   origination fee, often 1 percent of the amount you borrow. Many non-bank and
   online lenders don’t, so if you can find a no-fee lender with attractive
   rates, you’ll keep more money in your pocket.
 * Locking in your rate – When you find a lender and are ready to apply for a
   loan, ask about locking in your rate. While rates have come down slightly,
   it’s still taking buyers some time to find a home. Now’s not the time to take
   a chance on an unexpectedly unaffordable mortgage payment.


Written by
Suzanne De Vita
Mortgage editor
Read more From Suzanne
Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and
real estate topics for homebuyers, homeowners, investors and renters.
Edited by
Bill McGuire





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