![](https://jerryblankers.com/wp-content/uploads/2019/09/August2019-19-1024x768-1024x768.jpg)
A recent study performed by Corelogic found that an increasing 40% of people labeled affordability as the #1 obstacle to becoming a homeowner. Yes, property values are rising, but the actual price of a home isn’t the only factor to consider. Purchasing power is a significant piece as well.
![](https://jerryblankers.com/wp-content/uploads/2019/09/August2019-23-1024x768-1024x768.jpg)
What many people are failing to consider is that mortgage rates have dropped considerably over the year making buyer’s purchasing power very strong. Mark Fleming also noted, “If the 30-year, fixed-rate mortgage declines just a fraction more, consumer house-buying power would reach its highest level in almost 20 years.”
![](https://jerryblankers.com/wp-content/uploads/2019/09/August2019-24-1024x768-1024x768.jpg)
In the most recent Freddie Mac survey, the average 30-year fixed mortgage rate was 3.49% during the week ending September 5, the lowest weekly average since October 2016. The average rate in August was 3.62%, the ninth consecutive month of falling mortgage rates!
Taking this all into consideration, this fall is actually a great time to get back in the housing market. Give us a call if you have questions about this information or the housing market in general!