Americans now have to spend more money while buying homes as elevated property prices and mortgage rates have pushed up monthly payments to new highs, according to real estate brokerage Redfin.
“The typical U.S. homebuyer’s monthly housing payment hit an all-time high of $2,807 during the four weeks ending March 23, up 5.3% from a year earlier,” the company said in a March 27 statement. With monthly payments at historical highs in many counties across the country, home affordability has taken a hit.
“Housing costs are soaring for two reasons. One, sale prices keep rising; the median home sale price is up 3% year over year. Two, the average weekly mortgage rate is 6.67%—more than double pandemic-era lows.”…