Right now US supply has shrunk so prices don’t seem to be declining enough to offset the rise in interest rates; the monthly payments for anything in the market are still eye-watering even factoring in price declines.
https://www.wsj.com/articles/low-mortgage-rates-home-sales-l...
https://ycharts.com/indicators/us_existing_home_sales
The situation may be different in other countries.
There's no way I can afford to move.
Are you aware that 30-fixed in the US is essentially gov't backed via three mega pseudo-gov't guaranteed orgs called Fannie, Freddie, Ginnie Mae? It is great for increasing home ownership and utterly oppressive to low income people renting. It is tough.
I cannot believe that more countries do not (politically) prioritise a similar system: Cheap, fixed 30-year'ish home mortgages. To be clear, I'm not saying this is economically ideal, but it is great for your political party!
Yes this is true, but only at this point in time when interest rates have shot up from historically low. Most of the time this won’t be the case, and soon this effect could work in the other way in that you could move to a house of similar value for a lower cost.
And the 30 year fixed rate mortgage is unique to the US. Here in the UK, we only fix for 2-5 years typically.
So easy on the downvotes!