Bankrate

The 30-year fixed mortgages in this week’s survey had an average total of 0.29 discount and origination points.

The national median family income for 2024 was $97,800, according to the U.S. Department of Housing and Urban Development, and the median price of an existing home sold in January 2025 was $396,900, according to the National Association of REALTORS®. Based on a 20 percent down payment and a 6.72 percent mortgage rate, the monthly payment of $2,053 amounts to 25 percent of the typical family’s monthly income.

Mortgage rates didn’t respond to the Federal Reserve’s three consecutive cuts last year.

Another factor is inflation, which remains persistently higher than the Fed’s target of 2 percent. On Feb. 12, the Labor Department reported that inflation had edged up to 3 percent in January, meaning prices are moving in the wrong direction — and creating upward pressure on mortgage rates.

“Progress on mortgage rates is only expected to occur when inflation is contained,” said Lawrence Yun, chief economist at the National Association of REALTORS®.

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