There just isn't enough supply of houses on the market. That keeps prices high. People that have a low interest mortgage on their existing home aren't willing to put their house on the market now because they would then have a new mortgage at a much higher interest rate on a new house.

A 50-year mortgage would probably lower the payment a lot but all you're paying is the huge amount of interest owed on a loan like that. Its an illusion of home ownership and not a good idea.

I've been looking to find a new house with less property for a few years. Anything decent has 10 buyers lined up driving up the price of the home to where we can't afford it. If there were more houses available you wouldn't have this kind of competition.