US monthly mortgage around $1,000 higher than two years ago for a $400,000 property, per Freddie Mac
Per Daily Mail
Freddie Mac reports that monthly mortgages are now around $1,000 higher than two years ago for a property that costs $400,000. This came as the 30-year loan percentage is over double how it was two years ago.
These mortgages increased from 2.9% in 2021 to 6.7% in 2023. This came as monthly payments for $400,000 properties increased to $2,480 from the original $1,582 payments.
It was noted that in total, a homeowner would be paying $892,745 on the same property if they bought it with the current terms compared to purchasing it in 2021, when it would've cost them $300,000 less.
Sam Khater, Freddie Mac chief economist, gave a statement regarding the mortgage rates and their trajectory.
Khater: "Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far... This upward trend is being driven by a resilient economy, persistent inflation, and a more hawkish tone from the Federal Reserve... These high rates combined with low inventory continue to price many potential homebuyers out of the market."
On July 7, it was reported that the average 30-year fixed mortgage rate was at 7.22%. Just a little after that, on July 11, it was reported that 30-year mortgage rates hit a new high at 7.38%.
See flow at unusualwhales.com/flow.
Other News:
- The average 30-year fixed mortgage rate is 7.22%
- The 30 year mortgage rate has hit a new decade high at 7.38%
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