Homebuyers shopping for a house in the current market can only daydream about the rock-bottom mortgage rates that were available during the peak of the pandemic.
The latest Fannie Mae Home Purchase Sentiment Index reveals that merely 17% of the general public considers it a favorable time to purchase a house. This is likely due to the confluence of rising inflation, slightly decreasing yet still high home prices, and increased mortgage interest rates, which make buying a home appear relatively unaffordable. However, if acquiring a new home is not feasible, why not consider renovating your current one instead?
