![]() ![]() At 6.79%, the payment increases to $2,605. When it comes time to run the numbers, the full impact of higher rates can be sobering for many potential buyers.įor example, a borrower who qualifies for a $400,000 mortgage at 6.09% has a $2,421 monthly payment. Current mortgage rates are now at 6.79% due in part to fears over a debt ceiling default (although that pressure eased when Congress struck a deal over the weekend), inflation still running hot, and the lingering possibility of a recession. Well-qualified buyers could find mortgage rates below 5%: a level not seen since early 2022.īut since then, rates have been steadily climbing once again. Freddie Mac’s average mortgage rate dropped as low as 6.09% during the first week of February. The start of 2023 seemed encouraging for millions of Americans thinking of buying a house. High mortgage rates stretch homebuyer affordability The economy is causing significant anxiety, as well, with 83% of respondents saying unknown expenses are their largest source of financial anxiety. Home affordability may be high on Americans’ minds, but it isn’t the only concern.
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