Peaked at #2 Now #2
US Mortgage Rate Hits 7.4%, Housing Costs Rise
US mortgage rates rose for a seventh straight week to 7.4%, the longest streak in three years.
Key points
- US mortgage rates surged to 7.4%, rising for 7 straight weeks, the longest streak in 3 years, according to @WatcherGuru.
- A reply estimates monthly payments on a $500k home with 20% down ($400k loan, 30-year fixed): about $1,686/month at 3% versus about $2,770/month at today's ~7.4%, a difference of roughly $1,083 more per month (~$13k more per year).
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Per the Atlanta Fed, buyers now need over $120,000 a year to afford a median-priced home, while median household income is $87,460.
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Barchart @Barchart 1,180
US home sellers now outnumber buyers by the largest margin ever recorded.
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From @foombler, @Fityeth, @FinFreedom414 and others. Spam removed, with English and Chinese translations.
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