Why It’s Harder to Buy a Home
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Why It’s Harder to Buy a Home
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It’s getting harder to buy a home in this economy. We should pray that Americans are able to afford what they need.
From CNBC. In June the average rate on the 30-year fixed shot over 6% briefly, and that was enough to turn the once-hot housing market on its heels. Rates pulled back in July and August, but the damage was already done. Now rates are heading past 6% yet again, causing already beleaguered mortgage demand to fall even further.
Who is praying on the wall?
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.94% last week from 5.80% the previous week, for loans with a 20% down payment, according to the Mortgage Bankers Association. …
Mortgage applications to purchase a home dropped 1% for the week and were 23% lower than the same week one year ago. Given today’s higher rates, a person buying a $400,000 home would pay close to $700 more per month than they did a year ago. …
Mortgage rates shot even higher to start this week, as investors await a slew of speeches by Federal Reserve members that could give more insight into how large the next rate hike might be. Higher mortgage rates are already cooling home prices, but given how far they rose in the past few years, it will likely take significantly more cooling before affordability fully recovers.
How are you praying for our economy? Share your thoughts and prayers below.
(Excerpt from CNBC. Photo Credit: Canva)
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Father, we look to you to bring our nation back to you. We ask that inflation would cease and that the problems would cease, but we look to you in these problems knowing that you have a purpose. May we be faithful to pray and wait on you with praise as our weapon!
I agree with this prayer Lord, may it be so! I have seen interest rates much higher in the 80’s. Our first home was financed at 9% and I remember when we thought 7% was a great rate! Lord, to me there is a bigger nefarious plot going on, while inflation is truly hurting people and causing them so many problems, housing is not available as it once was. One of the goals of WEF/UN 2030 agenda is to have no personal property- the government owns everything, you would even rent your toaster! Lord, there are people in power who are actively working against the free market. They think they know better what is good for us! They have been working behind the scenes to suppress real estate. Lord You know the situation much better than I do. Please Lord, stop this evil communist 2030 Agenda! But, I pray this in Your will – Your will be done, here on earth as it is in heaven. I pray Your blessings would be poured upon Your people, that inflation would be a time where they see Your power at work, providing for the “impossible ” in our eyes that our faith would grow. I pray You would use inflation to greatly expand Your kingdom on earth. You are the God of impossible situations! That which the enemy is meaning for our harm, will be used for good. May we, as Your people be more aware of Your presence, may we lean into You more during this hard time. May we become strong in You, and influence our neighbors to a greater degree as they see Your power at work!
One way to avoid high interest rates is to find owner-financing. An owner may be willing to offer a lower interest rate depending on their circumstances. Now that the real estate market is chilled and the stock market is falling, home prices will likely come down, which helps offset the higher interest rates. Home ownership provides the chance to build up equity and create stability. It is a symbol of the American Dream. Pray that God will provide a path for buyers to purchase a home, and that it will be a Christian home that serves the Lord.