The Housing Affordability Index (HAI) measures whether or not a typical US family is able to qualify for a standard 30-year fixed rate loan on a standard single-family house while spending 25% or less of their income on mortgage payments.
On average, interest rates have decreased by almost 20% from May 2019 to May 2020, going from 4.11% to 3.29%.
This drastic decrease in interest rates has made it incredibly accessible for people to purchase a home during 2020 and take advantage of the lowest interest rates in recorded history.
