Mortgage rates surged to their highest level since 2008, with the 30-year fixed mortgage rate rose to 5.78% from 5.23% the previous week.
The short-term fed funds rate that the Fed directly controls has risen by 175 basis points, and the 30-year fixed rate mortgage has risen by nearly 300 basis points.
At the national level, housing affordability declined in April 2022 compared to the previous month, with monthly mortgage payments increasing by 14.5% and median family income increasing modestly by 0.7%.
Rising rents and home prices (not part of CPI Inflation) have caught up with multiple years of housing underproduction of single-family homes and apartments.
Mortgage rates resumed their upward trek after falling for the last three weeks. According to Freddie Mac, the 30-year fixed mortgage rate rose to 5.23% from 5.09% the previous week.
NAR calculated the total economic impact of real-estate-related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending, and title insurance.
Mortgage rates remained roughly flat near 5.1% this week after falling for the last two weeks.
The latest Case-Shiller data shows prices continued to heat up over the 3-month period ending in March, even as mortgage rates started to rise.
The pending home sales pace in April 2022 fell 3.9% month-over-month and 9.1% year-over-year.
A homeowner who purchased a typical home five years ago would have gained $125,300 from just price appreciation alone.
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