ECONOMY Published August 6, 2023 10:00am EDT
Monthly costs for homebuyers rise nearly 20%
Average rate on 30-year fixed mortgage rose to 6.9% this week
By Daniella Genovese FOXBusiness
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The monthly cost for a potential homebuyer has surged nearly 20% compared with a year ago as prices remain elevated, according to new data.
During the four-week period ending July 30, the monthly mortgage payment for the typical U.S. homebuyer sat at $2,605, 19% higher than the same period a year earlier, according to Redfin. It's also down $32 from the all-time high in early July, according to the data.
The average rate on the 30-year fixed mortgage rose to 6.9% this week, up from a week ago when it averaged 6.81%, according to mortgage buyer Freddie Mac. A year ago at this time, the benchmark home loan averaged 4.99% and currently remains almost double what it was two years ago.
https://www.foxbusiness.com/lifestyle/homebuyers-monthly-costs-rise-20