The median payment on a mortgage for a new home has exploded in the past three years as the Federal Reserve has hiked interest rates in response to blistering inflation.
In March, the median monthly payment sat at nearly $2,100, according to data compiled by the Mortgage Bankers Association. That is a massive increase, more than 85%, from the $1,128 level median payments were at in April 2020.Over the past decade, the cost of a median monthly mortgage payment has grown by about 130%.The rising costs are a result of the Fed’s rate hikes.
“Elevated rates continue to both impact homebuyer affordability and weaken demand for refinancing,” said Joel Kan, MBA’s vice president and deputy chief economist, on the release of the data. Sales of existing homes declined in March and are down a whopping 22% from the year before. Existing-home sales fell by 2.4% in March to a seasonally adjusted annual rate of 4.44 million, according to a recent report by the National Association of Realtors.CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
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