Mortgage Rates Edge Higher
Mortgage rates have edged higher this week as purchase and refinance mortgage go to a 22-year low. A 30-year fixed mortgage rate has gone up from 5.54% to the 5.51% it was just a week ago. Higher rates have stopped home buyers as the housing market remains in a sluggish form as many people are already dealing with the challenges of affordability conditions and the constant worries of a recession. Applications for a mortgage are also on a three-week decline, hitting its lowest level since 2000 as the applications slid 6.3% from a week ago. The average asking price for-sale homes are a new high of $450,000 as of June, according to a report by Realtor At today’s rate, the monthly mortgage payment for a median-priced home is $2,900, which is a 59% jump from just a year ago as a household earning of $75,000 per year can only afford 23% of active listings.