Mortgages rates have soared since the Federal Reserve announced in March that it was raising its short-term borrowing rate for the first time since 2018.
— the sharpest increase since 2000 — as policymakers try to check inflation.
Here's what means in dollars and cents: Someone buying a $250,000 home with a 30-year fixed loan at last week's average rate of 5.3% will pay $3,300 a year more compared to the mortgages in April 2021, according to figures from the National Association of Realtors . A $429,000 house — the price of a home, according to the St. Louis Federal Reserve Bank — will cost an additional $5,640 per year.
"This extra cost could make it even more difficult for some would-be homebuyers to navigate what will probably remain a pricey housing market," Jacob Channel, a senior economic analyst for LendingTree, In Ohio, for example, the average mortgage rate has shot up to 5.33%, up from 3.94% in January. A typical mortgage in the state is $241,000, so that means roughly $200 per month in extra costs, or nearly $2,400 per year.
Nationally, rising interest rates have caused new mortgage payments to rise by an average of nearly $259 — that adds up to more than $93,000 over the life of a 30-year loan, the group said in a new
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