With the potential of a more aggressive rate hike from the Federal Reserve at the end of the month, mortgage rates will likely rise even further.
Consumer price inflation is the highest in over 40-years and showed no sign of slowing down in June. It rose by 9.1% and is accelerating.
Compared to one year ago, affordability fell in May as the monthly mortgage payment climbed 51% and median family income rose by 4.5%.
Mortgage rates will be higher next week as the job market continues to expand.
The dual phenomenon of record-high home prices and record-low inventory has significantly impacted home buyer choice.
The 30-year fixed mortgage rate dropped sharply by 40 basis points to 5.3 percent from 5.7 percent the previous week. As a result, home buying is about 5 percent more affordable than a week ago.
The 30-year fixed mortgage rate dropped to 5.7% from 5.81% the previous week. Although rates are significantly higher than last year, they are still historically low, remaining below 6%.
Mortgage rates showed little movement this week, remaining below 6%. However, since the beginning of the year, home buying has cost about $800 more every month.
Research has shown that smart-home technologies and related services can help older adults make their daily tasks easier and improve their overall quality of life.
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.
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