The delayed effect of mortgage rates means housing affordability is actually about to get worse

• Housing affordability is about to get even worse, thanks to the delayed impact of mortgage rates.
• Morgan Stanley researchers pointed out that it takes about seven weeks to close a mortgage.
• In addition, some housing data come out with a two-month delay, they said on a podcast.

Housing affordability is about to get even worse due to the lagging impacts of higher mortgage rates, according to Morgan Stanley.

In a podcast on Wednesday, the bank's co-heads of US securities products research pointed out it takes around seven weeks to close a mortgage.