compared the average monthly payments on 30-year fixed-rate mortgages in April 2022 – when the rate hovered around 3.79% – and one year later, when rates jumped to 5.25%.It found that higher rates cost borrowers hundreds more each month and potentially added as much as $75,000 over the lifetime of the 30-year loan.
Despite higher interest rates, home prices have been slow to fall as would-be buyers face a worsening inventory shortage. That is largely because sellers who locked in a low mortgage rate before the pandemic began have been reluctant to sell with rates continuing to hover near a two-decade-high, leaving few options for buyers.
A recent report from Realtor.com showed that the number of available homes on the market in June was down more than 47% from the typical amount before the"It is not likely we will see mortgage rates below 6% before the end of 2023," said Lisa Sturtevant, the chief economist at Bright MLS. "But rates should continue to come down from where they have been this summer.
Source: Entertainment Trends (entertainmenttrends.net)
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