The average rate on the 30-year fixed mortgage ended March was in the high 6%-range, but then shot up to 7.5% during the April.
The average rate on the 30-year fixed mortgage was in the high 6%-range at the end of March, but then shot up to 7.5% during April, cutting into affordability. In the first quarter of 2024, 38% of a median household income nationally was needed to make the mortgage payment on a median priced new single-family home, according to a new index launched Thursday by the National Association of Home Builders and Wells Fargo. Low-income families, which it defines as those earning just 50% of the area's median income, would have to spend 77% of their earnings to pay for the same new home.
Source: Loan Digest (loandigest.net)
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