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DeepNewz, mobile.
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US mortgage rates are on the rise, with rates approaching 7%. Wells Fargo predicts rates to average 6.65% in Q2 2024, dropping to 5.75% in Q4 2025. Freddie Mac reports a 30-year fixed-rate mortgage average of 6.87% as of March 21, while Fannie Mae expects rates to stay above 6.5% through the current and next quarters. The average 30-year fixed mortgage rate has fluctuated between 6.96% and 7.06%, impacting borrowing costs for home buyers. Mortgage rates have been climbing, affecting housing affordability and increasing monthly mortgage payments significantly over the years.
Mortgage interest rates have pushed back toward 7%, putting pressure on housing affordability. Compared to a year ago, when rates were about 1/2 a percentage point lower, monthly mortgage (principal and interest) payments for a typical borrower are up about 5 percent. https://t.co/ZwcdrZafr0
Monthly mortgage payment needed to buy the median priced home for sale in the US... March 2020: $1,510 March 2021: $1,701 March 2022: $2,245 March 2023: $2,508 March 2024: $2,685 That's a 78% increase over the last 4 years. https://t.co/MqpZpmaiD9
Average 30-Year Mortgage Rate in the US… 1970s: 8.9% 1980s: 12.7% 1990s: 8.1% 2000s: 6.3% 2010s: 4.1% 2020s: 4.7% --- All-Time Low (Jan 2021): 2.65% 2023 Peak (Oct 2023): 7.79% Today's Rate: 6.87% https://t.co/4EK57YfaGY
