With the average 30-year mortgage rate creeping back towards 7%, home affordability declines. According to the Mortgage Bankers Association’s most recent report, the median purchase application amount was $312,000, and the average payment was up 2.3% in January, up to $1,964. This comes as the average 30-year mortgage rate nears 7% again, a mark that hadn’t been hit from April of 2002 until September of 2022.
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Source: https://www.mortgagenewsdaily.com/mortgage-rates/30-year-fixed – https://www.builderonline.com/data-analysis/homeownership-less-affordable-in-january_o?utm_source=newsletter&utm_content=Article&utm_medium=email&utm_campaign=BP_022723&
