COOP - U.S. housing affordability nears record low as mortgage rates keep climbing: Black knight

U.S. housing affordability in March fell to near all-time lows as home prices and mortgage rates continued to surge in the wake of the highest consumer price inflation in four decades. Specifically, home prices in March appreciated at an annualized rate of 19.9%, down from February's upwardly revised 20.1%, but still standing at near its highest on record, according to Black Knight's Mortgage Monitor. And as mortgage rates reach their highest since the aftermath of the 2007-2008 Great Financial Crisis, the share of the median income required to make the principal and interest payment on an average-priced home, otherwise known as the payment-to-income ratio, was 32.5% in March - just 1.6 percentage points of the all-time record of 34.1% in July 2007, Black Knight noted. Also, the average monthly mortgage payment has jumped 38% YTD to $1,809 and +72% since the onset of the COVID-19 pandemic. Mortgage servicers: New Residential

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U.S. housing affordability nears record low as mortgage rates keep climbing: Black knight