The national median-priced home requires 21% of median incomes for purchase, Black Knight Financial Services said.
The 21% level is below the 26% average level between 2000 and 2002, according to Black Knight's Mortgage Monitor Report.
Based on a 50-basis-point-per-year rise in interest rates and the current rate of home price appreciation, eight states would surpass the pre-bubble affordability levels within 12 months. A total of 22 states would within 24 months.
Also, in the third quarter, 42% of first-lien refinances were cash-outs. That's the highest share since 2008.
The average post-cash-out refinance loan-to-value in the third quarter was 67%, the lowest on record.
