Market condition index · Current read

Measures the affordability squeeze on residential housing: the gap between what homes cost to finance and what households can pay. Rising HAFP signals worsening affordability — mortgage payments consuming more income, prices outrunning wages, and first-time buyers getting priced out. HAFP answers: "Is housing becoming unaffordable, and where is the pressure coming from — rates, prices, or incomes?" When HAFP is elevated, homebuilders face demand destruction, mortgage originators see volume collapse, and housing turnover freezes. The index is inverted: UP = affordability worsening, DOWN = affordability improving. Sprint 10B: First dedicated housing affordability index. Combines mortgage rates (the financing cost), home prices (the asset cost), wages (the income constraint), and consumer sentiment (the demand response). Designed to lead MLDI — affordability pressure appears before mortgage demand collapses.