T
he current state of the housing market has many people on edge, including brothers and housing experts Drew and Jonathan Scott from HGTV's "The Property Brothers." They attribute the unaffordability of buying a home to a lack of housing supply. According to Jonathan Scott, the US is about 4.5 million homes short of healthy market levels, making competition for homes fierce and driving prices up.

    Despite the Federal Reserve cutting interest rates, mortgage rates have continued to rise. Since September, 15-year fixed-rate mortgages have increased from 5.15% to 6.02%, while 30-year mortgage rates are three-quarters of a percentage point higher than two months ago. The brothers worry that this trend will continue, making it even harder for people to buy homes.

    Jonathan Scott expressed concern that in 20 years, his kids and others may not be able to afford to buy a house due to the rising costs. He believes lenders may introduce new products to incentivize young homeowners, but these products could come with strings attached, such as longer amortization periods, making it harder for people to pay off their mortgages.

    The brothers think that addressing this issue now is crucial to ensuring future generations can afford to buy homes.