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"Though many potential homebuyers still face affordability challenges, consistently lower rates may provide them with the impetus to enter the market."Treasury's Bessent Says Fixing Housing Affordability Crisis Will Be One Of His 'Big Projects' This FallRead On The Fox Business AppMeanwhile, the average rate on the 15-year fixed mortgage is unchanged from last week's reading of 5.69%. One year ago, the rate on the 15-year fixed note averaged 5.51%.The welcome news of lower rates comes as a recent report from Realtor.com found that fewer than 30% of homes on the U.S. housing market are affordable for the average household.The average rate on a 15-year fixed mortgage remained unchanged from the prior week.As of August, only 28% of homes on the market were priced within reach of the typical household, with the maximum affordable home price for a median-income household falling to $298,000. In 2019, that figure was $325,000, according to the real estate firm's Buying Power Report. This means buying power is down by nearly $30,000 nationally since 2019, even though the median income rose by 15.7%.Home Prices Reach Record High In June – These States Are The Most ExpensiveHigher mortgage rates are largely to blame, according to Realtor.com chief economist Danielle Hale."Even as incomes grow, higher interest rates have eroded the real-world purchasing power of the typical American household," Hale said, noting that "this dynamic is forcing many buyers to adjust their expectations, whether that means looking for smaller homes, moving farther out, or delaying the dream of homeownership altogether."As of August, only 28% of homes on the market were priced within reach of the typical household, according to Realtor.com.Home prices and interest rates have risen so significantly that they reduced homebuying to its lowest level since the mid-1990s, according to the annual State of the Nation's Housing report from the Joint Center for Housing Studies (JCHS) of Harvard University.Original article source: Mortgage rates fall to 10-month lowTerms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,460.26 -41.60 (-0.64%)Dow 3045,544.88 -92.02 (-0.20%)Nasdaq21,455.55 -249.61 (-1.15%)Russell 20002,366.42 -11.99 (-0.50%)VIX15.36 +0.93 (+6.44%)Gold3,516.10 +41.80 (+1.20%)PortfolioSign in to access your portfolioSign inTop gainersAMBA Ambarella, Inc. 82.48 +11.85 (+16.78%)IREN IREN Limited 26.48 +3.44 (+14.93%)BABA Alibaba Group Holding Limited 135.00 +15.43 (+12.90%)AFRM Affirm Holdings, Inc. 88.46 +8.47 (+10.59%)DOOO BRP Inc. 62.98 +5.49 (+9.55%)Top losersMRVL Marvell Technology, Inc. 62.87 -14.36 (-18.60%)CHA Chagee Holdings Limited 19.11 -2.89 (-13.14%)RMBS Rambus Inc. 73.77 -7.32 (-9.03%)DELL Dell Technologies Inc. 122.15 -11.90 (-8.88%)BLSH Bullish 59.03 -5.40 (-8.38%)Most activeWBA Walgreens Boots Alliance, Inc. 11.98 0.00 (0.00%)OPEN Opendoor Technologies Inc. 4.4500 +0.1800 (+4.22%)NVDA NVIDIA Corporation 174.18 -5.94 (-3.30%)LCID Lucid Group, Inc. 1.9800 -0.0900 (-4.35%)MRVL Marvell Technology, Inc. 62.87 -14.36 (-18.60%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersBABA Alibaba Group Holding Limited 135.00 +15.43 (+12.90%)BTC-USD Bitcoin USD 108,297.63 -3,827.12 (-3.41%)ORCL Oracle Corporation 226.13 -14.19 (-5.90%)FLYY Spirit Aviation Holdings, Inc. 1.2200 -0.0300 (-2.40%)IPDN Professional Diversity Network, Inc. 6.69 +4.74 (+243.96%)Top economic eventsPowered by Money.com - Yahoo may earn commission from the links above.