U.S. housing affordability improves in Q3 (2)

David Crowe, chief economist of NAHB, cited record low mortgage rates as the main contributor to the improvement of housing affordability. But he noted that being able to afford a home was not relevant to getting approved for a mortgage in the current marketplace.

U.S. fixed mortgage rates have remained at or near record lows since last fall, a crucial incentive that supports house refinancing and buying. In the week ending Nov. 15, the 30-year fixed-rate mortgage (FRM) and 15-year FRM both hit their new all- time lows of 3.34 percent and 2.65 percent, respectively.

With constant improvement this year, the U.S. housing crash is said to have reached the bottom. However, many economists hold that the market still needs years to recover entirely as the bottom period will be prolonged.

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