Mortgage interest rates are now officially above 7%, hitting 7.09% this week, up from 6.96% the prior week, and is the highest rate in more than 20 years.
Compared to one year ago, affordability fell in June as the monthly mortgage payment climbed 12.1% and median family income rose by 4.2%.
Median home prices rose by 8.5% in Q2 2023 compared to Q1, however, national median prices fell 2.4% year-over-year to $402,600.
Mortgage rates continued climbing today to 6.96% from 6.90%.
The 187,000 net new payroll jobs created in July and 185,000 in June are the slowest two months of job additions since the start of the COVID lockdown over three years ago.
As was predicted by the U.S. government rating downgrade from AAA to AA+, the mortgage interest rate for the 30-year fixed increased from 6.81% to 6.9%.
The joke about millennials not buying homes in favor of overpriced coffee is an entrenched myth. It is important to break down what is really going on, what the numbers are, and what the measures mean.
June 2023's pending home sales pace rose 0.3% from the previous month but fell 15.6% year-over-year.
Mortgage rates remain stubbornly high for home buyers at 6.81% for the 30-year fixed rate.
The fed funds rate is now 2 percentage points higher than inflation, a rare and very tight monetary policy condition.
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