Low mortgage rates offsetting home affordability

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Real Estate

A three-year low in mortgage rates is making it easier for Americans to afford homes even as property prices increase, according to a report Wednesday from the National Association of Realtors.

An index measuring home affordability for first-time buyers rose to 107.3 from 96.3 a year earlier. A reading of 100 means the household median income is exactly enough to buy the median-price starter home. A broader index that measures the overall market, not just entry-level buyers, rose to 162.9 from 145.7 a year earlier.

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