Posts from April 9th, 2018
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April
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Mortgage Payments Up 13% This Year
Monthly mortgage payments have risen an average of nearly 13 percent nationwide over the last year—or an extra $168—as buyers grapple with both higher home prices and increasing mortgage rates, according to a realtor.com® analysis. Luxury buyers are feeling the worst sticker shock, paying double the rate. In the top 10 percent of the market, owners are now paying an average $241 more per month.
Mortgage interest rates are about a half of a percentage point higher than they were at the beginning of the year, and the Federal Reserve has signaled there are more hikes to come. "There is an urgency in the market," says Pete Boomer, executive vice president at PNC Bank in Downers Grove, Ill.
Different generatio...