Chart: Housing Affordability Set to Fall Off a Cliff

``The scariest part of this chart, however, is that it relied on the FHFA's mortgage rate data from May. During the month of May, the FHFA said mortgage rates actually fell 0.15% from April. Unfortunately, most of us know that mortgage rates are nowhere close to May levels anymore... Put simply, this chart is going to look a lot worse when NAR releases their next update on housing affordability.''