The median monthly housing payment reached a record high of $2,747 during the four weeks ending April 7, according to new data from Redfin (NASDAQ:RDFN). This marked an 11% year-over-year upswing.
Redfin attributed this situation to elevated home prices and mortgage rates – the median home-sale price is $378,250, up 4.5% year over year and just about $5,000 shy of the record high hit in June 2022, while the average 30-year fixed mortgage rate hit 6.88% today, according to Freddie Mac. https://wrenews.com/mortgage-rates-drift-closer-to-the-7-mark/
“For homebuyers, the latest CPI report means mortgage rates will stay higher for longer because it makes the Fed unlikely to cut interest rates in the next few months,” said Redfin Economic Research Lead Chen Zhao. “Housing costs are likely to continue going up for the near future, but persistently high mortgage rates and rising supply could cool home-price growth by the end of the year, taking some pressure off costs.”
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