Housing Market Hits Lowest Point in 15 Years

As the market becomes oversaturated with buyers, home mortgage rates are increasing past pre-pandemic levels, leaving home buyers at a severe disadvantage not seen since 2007. 

According to Fortune, In December 2021 the average 30-year fixed mortgage rate sat at 3.11%. A borrower who took out a $500,000 mortgage at that 3.11% rate would have seen a monthly principal and interest payment of $2,137. Now that the average rate is up to 4.72%, a new loan at that size would equal a $2,599 monthly payment. Over the course of 30 years, that’s an additional $166,106.

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