$350,000 home with a 30-year mortgage and 20% down, it would translate to roughly $173 more per month.
Learn more: Best mortgage lenders
For months experts expected housing prices to decline as interest rates increased, but buyers seem to have made their peace with the higher rates. Home prices have been moving up for four consecutive months since February.
Will home prices this year surpass the peak-pandemic pricing?
There’s a real possibility when you look at the home price trajectory of the past few months. The median existing-home price in February was $363, 600, and it has continued its upward climb since. This even though mortgage rates currently are hovering above 7%.
85% of current mortgage holders are locked in to, which discourages current homeowners from selling their home and buying another at today’s elevated interest rates.
Is the housing market going to crash? What experts say about the possibility in late 2023.
A move from California to Texas could save a million dollars. Many Americans are opting in
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Source: usatoday.com