Knowing the mortgage rates and the qualifying incomes for down payments will help potential homeowners find the metro areas they can afford.
The monthly mortgage payment increased by 1.0% compared to the prior month, while the median price of single-family homes increased by 2.4%.
The share of families with children under the age of 18 living in their homes has continued to decline, likely due to a decline in birthrate and a large share of Baby Boomer households whose children may have already left the nest.
The 30-year fixed mortgage rate from Freddie Mac dropped to 6.47% this week, compared to 6.73% last week.
Mortgage rates are plunging on the news of weak job growth and rising unemployment, which is at 4.3%.
The 30-year fixed mortgage rate from Freddie Mac was nearly unchanged at 6.78% this week vs 6.77% last week.
Housing market activity declined 5.4% from May to June 2024, and all four regions of the U.S. saw year-over-year home price growth.
The monthly mortgage payment increased by 3.9%, while the median price of single-family homes rose by 5.7% (from $401,500 to $424,500) year-over-year.
The 30-year fixed mortgage rate from Freddie Mac fell further to 6.77% over the last week from 6.89%.
New apartment units completed reached a 50-year high in June, and rents have stopped rising in many cities due to the oversupply of rental units.
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