Economy and Housing Market
Record levels of home equity are providing financial security to millions of households.
The rapid rise in mortgage rates is prompting more buyers to seek out adjustable-rate mortgages for lower initial costs.
After a pause last week, the 30-year fixed rate jumped to 5.29%.
This marks the largest increase in the Fed’s rate in more than two decades.
View this chart that offers a state-by-state breakdown of how much more buyers are paying due to the sharp increase in mortgage rates.
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Higher rates and home prices have added $580 to a buyer’s monthly expenses.
The figure is essentially flat from last week, but home shoppers are still concerned about increases.
More borrowers are taking out adjustable-rate mortgages as interest rates reach the highest averages since 2009.
Average closing costs for a single-family home rose 13.4% in 2021.
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