Economy and Housing Market

View this chart that offers a state-by-state breakdown of how much more buyers are paying due to the sharp increase in mortgage rates.

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The figure is essentially flat from last week, but home shoppers are still concerned about increases.

Higher rates and home prices have added $580 to a buyer’s monthly expenses.

More borrowers are taking out adjustable-rate mortgages as interest rates reach the highest averages since 2009.

Average closing costs for a single-family home rose 13.4% in 2021.

House hunters are getting a wake-up call that their budgets won’t go as far this spring.

“While springtime is typically the busiest homebuying season, the upswing in rates has caused some volatility in demand,” says a Freddie Mac official.

Expect some easing in sales, though prices will continue to inch higher.

A “lock-in” effect from ultra-low mortgage rates over recent years may prevent some homeowners from moving on.