Charles Young on mortgage buydowns
From Supply will make the housing market challenging: Invitation Homes CEO · · CNBCTelevision
“If the 30-year fixed rate is in the low 6s, builders and sellers are able to buy down mortgage rates to the high 4s or low 5s — that's a compelling argument for somebody that wants to own a home.”
On , Charles Young, President at Invitation Homes Inc, spoke about mortgage buydowns during Supply will make the housing market challenging: Invitation Homes CEO on CNBCTelevision.
About Charles Young
In an April 2023 appearance on CNBC's "Squawk on the Street," Invitation Homes CEO Dallas Tanner discussed the state of the housing market. He stated that single-family homes have "held up really well" and that the average household and consumer remain strong, noting that 83% of U.S. mortgages are below 5% and 63% are below 4%. Tanner described the "lock-in effect" as "real," saying it is suppressing transactions as homeowners choose to stay put. He characterized the market as "certainly a challenging market from a supply perspective." Tanner expressed support for California, calling it "one of the greatest economies in the world," but identified supply constraints as "the villain" in housing affordability. He argued that while federal policy can help, "we need the local levels to approve more housing" and noted that "as local municipalities get smarter around how to work with developers and builders you see supply come online."