Interest rates on mortgages

At the same time, there is an increased demand for housing due primarily to low interest rates currently being offered by mortgage companies coupled with rising incomes and employment numbers making it easier for more people qualify for financing (Ufberg). Furthermore, because rental rates continue to rise rapidly far outpacing wage increases and creating affordability issues; many individuals from all segments of society are opting instead opt out renting altogether by purchasing homes especially those first-timers wanting take advantage advantages such current conditions offer including tax benefits like deductions on mortgage insurance payments (Calendar). This combination scarce availability combined with greater buyer power has created an environment where sellers can essentially name their price thus pushing up values which benefits anyone already owning property but makes it significantly harder everyone else looking enter into real estate market regardless whether purchase or rent given costs associated both processes now exceed what most willing pay unless ownership what they ultimately after either way. In addition tight competition driving high bids often leads winning bidder paying much more than true value property based solely fact no other bidders exist while similar situation exists those seeking rent apartments houses forcing them consume whatever landlords offering even if not suitable given monthly budget restrictions person may have place themselves under simply get roof over head night before someone else does same thing them right away result rapid turnover properties every day greatly exacerbating lack any kind affordable housing options area give context how why transactions coming about so quickly compared past few decades when different dynamics were play affecting outcome slowly slowly manner visible today yet still felt effects nonetheless shape opinion public regarding underlying cause issue its solution going forward . With this information mind possible understand why prices both sale rental units have gone up recently despite fact interest mortgages near record lows time present since fundamental problems lie outside realm lending whatsoever rather focus lies squarely shoulders supply demand markets related directly real estate industry.