Facts: The average 30-year fixed mortgage rate from Freddie Mac stayed essentially flat at 6.74%. At 6.74%, with a 20% down payment, the monthly mortgage payment is $2,257 for a home priced at $435,500. With a 10% down payment, the typical payment would be $2,540.
Positive: The world might move fast, but one thing is clear: mortgage interest rates are not. While it’s hard to see the positive in flat mortgage interest rates for 27 weeks, at the very least, home buyers can plan, shop, and buy without surprises. Home buyers can forget the FOMO of not locking in the lowest rates possible, as rates are steady.
Negative: The current mortgage interest rate is one aspect hurting overall housing affordability. NAR also shows the existing-home price hit the highest ever recorded. Buyers have been pushed to the sidelines for two and a half years, waiting for a reprieve in affordability, and are not seeing it yet.
