The housing market, like much of the economy, has endured a turbulent couple of years during the pandemic. The lockdown and subsequent reopening of business across the country brought about a period of high inflation and high interest rates not seen in four decades.

At the start of 2022 interest rates were so low that it opened up the possibility of home-ownership to many more people, causing a rush to snap up properties. That trend only served to overheat the housing market however and typical property prices have reached record levels in many parts of the country.

This week the Federal Housing Finance Agency (FHFA) upped the backstop mortgage eligibility threshold to allow $1 million homes for the first time, a key sign that house prices have risen considerably.

This all means that prospective homeowners will need to make the most of the very best mortgage deals they can find, or face a very expensive mortgage agreement. If you are considering taking the plunge, we take a look at the five types of mortgage available in the US…

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