Home Affordability Just Jumped 10 Percent—Here’s Why

With mortgage rates below 6 percent for the first time since 2022, Zillow forecasts robust market for median-income households

BY KEVIN HAYNES, NEWS WRITER

Falling mortgage rates and steady asking prices are making homes more affordable and sparking consumer confidence, according to Zillow, the Seattle-based real estate technology company.

The optimistic forecast stems from Freddie Mac’s report last week that the 30-year fixed rate mortgage is averaging 5.98 percent, the first time it has dipped below 6 percent since September 2022.

“This rate, combined with the improving availability of homes for........

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