U.S. Housing Payments Hit All-Time High
View Source | April 21, 2023 3:12 pm
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- Monthly housing payments hit a record high this week after mortgage rates rose for the first-time in more than a month, according to data from real estate brokerage Redfin.
- The average 30-year fixed rate mortgage jumped to 6.39 percent this week, pushing up the typical homebuyer’s monthly payment to $2,538. At the same time a year ago, the average mortgage rate stood at 5.11 percent.
- This week’s rise in mortgage rates followed a dip in the number of new homes under construction, which could put even more pressure on would-be buyers.
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