"Inflation Pushes US Mortgage Rates Toward 7%: Homebuyers Face Tough Decision"
TL;DR Summary
Mortgage rates for 30-year and 15-year fixed-rate mortgages have risen to 6.88% and 6.16% respectively, driven by sustained inflation and increased demand. Monthly mortgage payments have hit an all-time high, with the average payment at $2,747. High sale prices on homes and rising homeowners insurance costs are contributing to overall high housing costs. Homeowners insurance rates are projected to increase by 6% in 2024, with Florida and Louisiana facing the highest average rates.
- Mortgage rates are nearing 7% as inflation ticks back up: Freddie Mac Fox Business
- Homebuyers' quandary: To wait or not to wait for lower mortgage rates The Associated Press
- Stubbornly high US inflation grew stronger than expected in March CNN
- Average long-term US mortgage rate hovers near 7% FOX 9 Minneapolis-St. Paul
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