Mortgage Rates Are Above 7%. Is It Better to Rent or Buy a Home Right Now?
For wealth professionals, the segment touches on housing affordability, mortgage-rate conditions and homebuilder pressures, all of which can affect client conversations about housing and related equity exposure. It also flags Morningstar housing research and a separate economic discussion tied to the midterms.
Summary
By the markets & outlook deskMorningstar video examines the U.S. housing market as 30-year fixed mortgage rates sit above 7%, weighing the rent-versus-buy question and what higher rates and home prices mean for buyers. It also covers the shift among some buyers toward adjustable-rate mortgages and pressures on homebuilders. The description notes a related Ask the Economist segment on the approaching midterm elections and a divided government’s possible economic implications.
- A 30-year fixed-rate mortgage recently crossed 7% and remains there, according to the Mortgage Bankers Association.
- Some buyers are increasingly choosing adjustable-rate mortgages, which carry a lower loan rate but higher risk.
- Macroeconomic conditions are also squeezing homebuilders.
- The video asks when affordability could return to the housing market and where stock opportunities may be.
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