Monthly Payments Tick Up for First Time in 6 Months as Mortgage Rates, Home Prices Jump
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
Redfin reports the Iran war is a major factor pushing up mortgage rates. Some would-be buyers are backing off amid high costs and uncertainty stemming from the war. SEATTLE--(BUSINESS WIRE)--The median U.S. monthly mortgage payment is $2,742, up 0.4% year over year—a small increase, but the first in nearly six months. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.Housing payments are climbing because the Iran war and rising oil prices have pushed the weekly average mortgage rate up to a six-month high of 6.38%. Daily average mortgage rates rose as high as 6.64% at the end of last week. Home-sale prices are a factor, too; the median home-sale price rose 2.1% from a year earlier during the four weeks ending March 29—the biggest uptick in a year.High costs, along with economic uncertainty from the Iran war, have sidelined some would-be homebuyers. Pending home sales declined 1.2% year over year, and mortgage-purchase applications fell 3% wee
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- U.S. Homeowners Are Remodeling Instead of RelocatingBusiness Wire
- This Spring’s Housing Market Is Unseasonably Slow As Iran War, High Costs Curb DemandBusiness Wire
- Redfin Reports San Francisco Home Prices Jump Most in 8 Years Amid AI BoomBusiness Wire
- Redfin Reports San Francisco Home Prices Jump Most in 8 Years Amid AI BoomBusiness Wire
- Over One-Third of American Workers Are Delaying or Canceling Major Purchases Due to Job Security ConcernsBusiness Wire
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