Would-be homebuyers are willing to take on sharply higher mortgage payments, even as home prices have begun to pull back this year.
The median monthly payment listed on applications for home purchase loans jumped 14.1% in May from a year earlier to an all-time high $2,165, according to the Mortgage Bankers Association. The May figure also represents a 2.5% increase from April.“Homebuyer affordability eroded further in May as prospective buyers continue to grapple with high interest rates and low housing inventory,” Edward Seiler, the MBA’s associate vice president of housing economics, said in a release last week.
Home prices have kept falling since, most recently sliding 3.1% in May from a year earlier to a median $396,100, according to the NAR. The combination, along with a stubbornly low level of homes for sale, is driving mortgage payments higher, pushing the limits of what many homebuyers can afford.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Fire danger elevated with hot and dry conditions continuingHot and dry conditions for Western WA elevate fire danger with a chance for mountain thunderstorms. FOX13
Leer más »
Donna Langley Elevated at NBCUniversal as TV Content Chief Susan Rovner ExitsUniversal film chief Donna Langley is set to take control of content and creative ops across NBCUniversal’s portfolio of brands, as TV chief Susan Rovner exits the company, Variety has confir…
Leer más »
Elevated mortgage rates leading to sharply higher monthly payments even as home prices easEYE ON YOUR MONEY: 💰🏡 'Homebuyer affordability eroded further in May as prospective buyers continue to grapple with high interest rates and low housing inventory.'
Leer más »
Swim areas at Chatfield, Cherry Creek State Park closed due to elevated E. coli levelsSigns have been placed at both state parks to notify visitors of the closures. While swim areas will be impacted, boating access would not be restricted, the CPW said.
Leer más »
I Built A High-Fashion Capsule Wardrobe With My Zara Summer Sale PicksShop elevated wardrobe essentials from Zara's 2023 summer sale including jeans, bags and dresses.
Leer más »
Swimming at Chatfield State Park gets all clear, still closed at Cherry Creek due to E. coliSwimming at Chatfield State Park has been reopened but remains closed at Cherry Creek State Park due to elevated E. coli levels in the water.
Leer más »