{"id":6515,"date":"2022-05-04T15:07:06","date_gmt":"2022-05-04T20:07:06","guid":{"rendered":"https:\/\/nwfl4sale.com\/mortgage-payment-nearly-50-above-a-year-ago\/"},"modified":"2022-05-04T15:07:06","modified_gmt":"2022-05-04T20:07:06","slug":"mortgage-payment-nearly-50-above-a-year-ago","status":"publish","type":"post","link":"https:\/\/nwfl4sale.com\/mortgage-payment-nearly-50-above-a-year-ago\/","title":{"rendered":"Mortgage Payment Nearly 50% Above a Year Ago"},"content":{"rendered":"

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Realtor.com: The combo of higher rates and home prices has made monthly payments quickly climb. That impact is adding an extra $580 to buyers\u2019 monthly expenses.<\/span><\/span><\/span><\/p>\n<\/div>\n

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SANTA CLARA, Calif. \u2013 There\u2019s reason talk of sticker shock has grown increasingly common in real estate: Home prices and mortgage rates have significantly increased home buyers\u2019 costs in just one year.<\/span><\/span><\/span><\/p>\n

Mortgage rates have risen at the fastest pace in four decades. The 30-year fixed-rate mortgage averaged 5.10% last week, Freddie Mac reports. A year ago, rates averaged below 3%.<\/span><\/span><\/span><\/p>\n

Home prices are escalating as well. The median existing-home price for all housing types in March was $373,300, up 15% compared to a year earlier, according to National Association of Realtors<\/span>\u00ae<\/span><\/span><\/span><\/span><\/span>\u00a0data.<\/span><\/span><\/span><\/p>\n

The combination of higher rates and home prices has made monthly payments quickly climb. Home buyers of a median-price home are now facing a monthly mortgage payment that is nearly 50% higher than a year ago, George Ratiu, manager of economic research at realtor.com<\/span>\u00ae<\/span><\/span><\/span><\/span><\/span>, told MarketWatch. The impact is adding an extra $580 to buyers\u2019 monthly expenses.<\/span><\/span><\/span><\/p>\n

\u201cIt is not surprising that many are stepping back from the market, hoping that conditions will improve,\u201d Ratiu says.<\/span><\/span><\/span><\/p>\n

Many buyers \u201cwere already constrained by low inventories, which have been driving prices higher,\u201d Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a recent research note, as quoted by MarketWatch. \u201cSustained increases in mortgage rates will be an additional headwind for home sales going forward.\u201d<\/span><\/span><\/span><\/p>\n

Source: \u201cBuyers of a Median-Price Home Are Looking at a Monthly Mortgage Payment That Is Almost 50% Higher Than It Was a Year Ago,\u201d MarketWatch (April 29, 2022)<\/span><\/span><\/span><\/p>\n

\u00a9 Copyright 2022 INFORMATION, INC. Bethesda, MD (301) 215-4688<\/span><\/span><\/p>\n<\/div><\/div>\n

Go to Source<\/a>
\nAuthor: marlam<\/p>\n","protected":false},"excerpt":{"rendered":"

Realtor.com: The combo of higher rates and home prices has made monthly payments quickly climb. That impact is adding an extra $580 to buyers\u2019 monthly expenses. SANTA CLARA, Calif. \u2013 There\u2019s reason talk of sticker shock has grown increasingly common in real estate: Home prices and mortgage rates have significantly increased home buyers\u2019 costs in just one year. Mortgage rates have risen at the fastest pace in four decades. The 30-year fixed-rate mortgage averaged 5.10% last week, Freddie Mac reports. A year ago, rates averaged below 3%. Home prices are escalating as well. The median existing-home price for all housing types in March was $373,300, up 15% compared to a year earlier, according to National Association of Realtors\u00ae\u00a0data. The combination of higher rates and home prices has made monthly payments quickly climb. Home buyers of a median-price home are now facing a monthly mortgage payment that is nearly 50% higher than a year ago, George Ratiu, manager of economic research at realtor.com\u00ae, told MarketWatch. The impact is adding an extra $580 to buyers\u2019 monthly expenses. \u201cIt is not surprising that many are stepping back from the market, hoping that conditions will improve,\u201d Ratiu says. Many buyers \u201cwere already constrained by low inventories, which have been driving prices higher,\u201d Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a recent research note, as quoted by MarketWatch. \u201cSustained increases in mortgage rates will be an additional headwind for home sales going forward.\u201d Source: \u201cBuyers of a Median-Price Home Are Looking at a Monthly Mortgage Payment That Is Almost 50% Higher Than It Was a Year Ago,\u201d MarketWatch (April 29, 2022) \u00a9 Copyright 2022 INFORMATION, INC. Bethesda, MD (301) 215-4688 Go to Source Author: marlam<\/p>\n","protected":false},"author":4,"featured_media":6516,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/6515"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=6515"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/6515\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/6516"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=6515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=6515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=6515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}