Mortgages rates have soared since the Federal Reserve announced in March that it was raising its short-term borrowing rate for the first time since 2018.
— the sharpest increase since 2000 — as policymakers try to check inflation.
Here's what means in dollars and cents: Someone buying a $250,000 home with a 30-year fixed loan at last week's average rate of 5.3% will pay $3,300 a year more compared to the mortgages in April 2021, according to figures from the National Association of Realtors . A $429,000 house — the price of a home, according to the St. Louis Federal Reserve Bank — will cost an additional $5,640 per year.
"This extra cost could make it even more difficult for some would-be homebuyers to navigate what will probably remain a pricey housing market," Jacob Channel, a senior economic analyst for LendingTree, In Ohio, for example, the average mortgage rate has shot up to 5.33%, up from 3.94% in January. A typical mortgage in the state is $241,000, so that means roughly $200 per month in extra costs, or nearly $2,400 per year.
Nationally, rising interest rates have caused new mortgage payments to rise by an average of nearly $259 — that adds up to more than $93,000 over the life of a 30-year loan, the group said in a new
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NJ to spend $50M buying flooded homes months after Hurricane IdaNew Jersey will spend $50 million to buy homes flooded by the remnants of Hurricane Ida as part of broader efforts to prepare the state against future storms, Governor Murphy announced on Tuesday.
Read more »
Nearly new buying guide: Kia Stinger | AutocarThe oft-overlooked Kia Stinger is our choice in this week's nearly new buying guide
Read more »
NJ City Cracks Down on Banks Buying Houses, Then Renting Them OutA decade-long trend nationwide of investors buying houses has apparently reached its peak in Newark, where nearly half of all home sales in the past three years have been to companies that buy and then rent them out.
Read more »
Wine-Buying Tips for People Who Are Running LateThe only geography to note is the bottle’s proximity to the store’s exit—the closer it is, the quicker you can check out!
Read more »
People Are Buying Lipstick AgainAfter taking a hit during the pandemic — when mask-wearing made lipsticks practically a non-starter — sales are once again on the rise.
Read more »
Is it time to rethink the traditional model for buying a home?Owning a home has become increasingly difficult in recent years, and rents are also high. So co-living might just be the solution to the housing crisis
Read more »