This past week, the average daily mortgage rate climbed to over 7.4%, marking its highest point since last November 2023, influenced by an unexpectedly high inflation report and confirmation from the Federal Reserve that interest rate reductions would be postponed.
Concurrently, home prices have also ascended, with the median sale price of U.S. homes rising by 5% over the past year to $380,250, narrowly missing the record high set in June 2022 by just $3,095. This surge in both mortgage rates and home prices has pushed the median monthly housing payment for homebuyers to an unprecedented $2,775, an 11% increase from the previous year.
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