Note: Black Knight mentions the decline in cash-out refis, and I’ll have more on Mortgage Equity Withdrawal (MEW) on Friday with the release of the Fed’s Flow of Funds report (Z.1 - Financial Accounts of the United States). Press Release: Black Knight: As Interest Rates Hit 22-Year Highs, 51% of Homebuyers Face $2,000+ Monthly Mortgage Payments; Nearly a Quarter Face $3,000 Payments or More
Do you have any data regarding an increase in cash purchases? Jonathan Miller made the point that he's seeing a shift towards cash, which makes a lot of sense.
Bill, need to fix the link. Goes to the June report.
Non-mortgage costs are also affecting affordability and do not seem to be updated on the lender side. For example, lenders are estimating home insurance at 25-50% of the monthly cost of quotes I'm getting from insurance companies. This affects both closing costs and escrow monthly payments. The increase in monthly cost of buying a home is probably significantly greater than calculations based only on principal and interest.