The 30-year fixed-rate mortgage averaged 5.10% this week<\/a>, Freddie Mac reports. A year ago, rates averaged below 3%.<\/p>\n\n\n\nHome prices are escalating as well. The median existing-home price for all housing types in March was $373,300, up 15% compared to a year earlier, according to National Association of REALTORS\u00ae data.<\/p>\n\n\n\n
The combination of higher rates and home prices has made monthly payments quickly climb. Home buyers of a median-price home are now facing a monthly mortgage payment that is nearly 50% higher than a year ago, George Ratiu, manager of economic research at realtor.com\u00ae, told MarketWatch. The impact is adding an extra $580 to buyers\u2019 monthly expenses.<\/p>\n\n\n\n
\u201cIt is not surprising that many are stepping back from the market, hoping that conditions will improve,\u201d Ratiu says.<\/p>\n\n\n\n
Many buyers \u201cwere already constrained by low inventories, which have been driving prices higher,\u201d Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a recent research note, as quoted by MarketWatch. \u201cSustained increases in mortgage rates will be an additional headwind for home sales going forward.\u201d<\/p>\n\n\n\n
\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"
There\u2019s reason talk of sticker shock has grown increasingly common in real estate: Home prices and mortgage rates have significantly increased home buyers\u2019 costs in just one year. Mortgage rates have risen at the fastest pace in four decades. The 30-year fixed-rate mortgage averaged 5.10% this week, Freddie Mac reports. A year ago, rates averaged … <\/p>\n
Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-23489","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nMortgage Payment Nearly 50% Above a Year Ago - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.anthonydidonato.net\/wordpress\/mortgage-payment-nearly-50-above-a-year-ago\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgage-payment-nearly-50-above-a-year-ago\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgage-payment-nearly-50-above-a-year-ago\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Mortgage Payment Nearly 50% Above a Year Ago\",\"datePublished\":\"2024-04-12T11:55:59+00:00\",\"dateModified\":\"2024-04-12T11:56:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgage-payment-nearly-50-above-a-year-ago\\\/\"},\"wordCount\":224,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgage-payment-nearly-50-above-a-year-ago\\\/\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgage-payment-nearly-50-above-a-year-ago\\\/\",\"name\":\"Mortgage Payment Nearly 50% Above a Year Ago - 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