The 30-year fixed mortgage rate increased by 0.03%, reaching 5.88% yesterday (27th June).

The 30-year fixed mortgage rate increased by 0.03%, reaching 5.88% yesterday (27th June).

The past six months have seen a 2.66% increase in mortgage rates, the largest six-month increase since 1981.

A year before the Covid, the average interest rate for a 30-year fixed-rate mortgage was 3.94%.

With a 20% down payment and a 30-year mortgage rate of 2.65% in January 2021, the monthly payment is about to increase by 107%.

The average price of a new home in the US in January 2021 was $401,700.

The average annual rate for 2021 was 2.96%, the lowest average rate in thirty years.

The National Association of Realtors' home affordability evaluation stunned the real estate industry.

It showed that as of April, affordability of existing homes had reached its lowest point since July 2007.

18 million households are no longer eligible for a $400,000 mortgage due to the increase in mortgage rates from 3% to nearly 6%.A

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