The average long-term U.S. mortgage rate rose again this week, a setback for prospective buyers just as the spring homebuying season gets underway.The average 30-year fixed loan was 7.08% as of April 10, according to Bankrate's latest survey of large lenders. Rates are slightly higher now compared to the start of 2024.When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford at a time when the U.S.
Department of Housing and Urban Development’s national median family income for 2023 at $96,300, and the median price of an existing home sold in February at $384,500, according to the National Association of Realtors . With a 20% down payment and a 7.08% mortgage rate, a monthly payment of $2,063 amounts to 26% of the typical family’s monthly income.
Source: Loan Digest (loandigest.net)
Mortgage Rates Homebuying Housing Market Costs Affordability
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