As such, people who are purchasing a home have doubts. The Fannie Mae Home Purchase Sentiment Index hit the lowest in two years. Three out of four respondents to Fannie Mae’s poll said that now is the wrong time to buy a home.
Despite the occasional ups and downs, the housing market remains stable long-term. Home prices continue to rise year-over-year, with surveys showing that home prices and the housing market are still sound investments.
A fixed-rate mortgage provides you with certainty on your monthly housing cost. You can easily forecast your living expenses budget with a mortgage payment.
Owning a house with a 30-year fixed interest rate mortgage is the best hedge against inflation. As seen in 2022, rising inflation puts pressure on all goods and services.