The Cost of Buying a Home Hits New Record

[Thinker101]

Daily average mortgage rates jumped to their highest level since last November after last week’s disappointing inflation report. Persistently high home prices are exacerbating affordability challenges for buyers.

The average daily mortgage rate this week surpassed 7.4%, the highest level since last November.

The median U.S. home-sale price increased 5% from a year earlier during the four weeks ending April 14, bringing it to $380,250—just $3,095 shy of June 2022’s all-time high. The combination of high mortgage rates and prices have brought homebuyers’ median monthly housing payment to a record $2,775, up 11% year over year.

Wow, that Bidenomics, just working its magic. I know, it must be that evil Putin, maybe even Trump's fault.

Housing Market Update: The Cost of Buying a Home Hits New Record As Mortgage Rates Jump, Prices Rise 5%

 

[JoeB131]

Daily average mortgage rates jumped to their highest level since last November after last week’s disappointing inflation report. Persistently high home prices are exacerbating affordability challenges for buyers.

The average daily mortgage rate this week surpassed 7.4%, the highest level since last November.

The median U.S. home-sale price increased 5% from a year earlier during the four weeks ending April 14, bringing it to $380,250—just $3,095 shy of June 2022’s all-time high. The combination of high mortgage rates and prices have brought homebuyers’ median monthly housing payment to a record $2,775, up 11% year over year.

Wow, that Bidenomics, just working its magic. I know, it must be that evil Putin, maybe even Trump's fault.

Housing Market Update: The Cost of Buying a Home Hits New Record As Mortgage Rates Jump, Prices Rise 5%

Wow, that means your house is worth more than you probably paid for it. This is good for people looking to sell.

My place is worth 40K more than what I paid for it right now. That's awesome.

 

[sparky]

housing crashes have become expected about every 10-20 years depending on magnitude

Being in the industry and having lived through my share , the signs and symptoms become clearer

First and foremost, our Gov trying to quell any dissent

~S~

 

[sparky]

Wow, that means your house is worth more than you probably paid for it. This is good for people looking to sell.

My place is worth 40K more than what I paid for it right now. That's awesome.

A sellers market yes Joe, yet those selling probably could not afford to mortgage what they're currently living in

perspective.........~S~

 

[Tumblin Tumbleweed]

Wow, that means your house is worth more than you probably paid for it. This is good for people looking to sell.

My place is worth 40K more than what I paid for it right now. That's awesome.

Sure. Seller's market. My own properties have gained well over 500k in eight years.

But it's a terribly expensive market for first time buyers.

 

[Thinker101]

Wow, that means your house is worth more than you probably paid for it. This is good for people looking to sell.

My place is worth 40K more than what I paid for it right now. That's awesome.

Yep, not really a problem unless you decide to move. Now feel free to jump to another thread and complain about how high prices are and you feel so bad for the homeless.

 

[odanny]

It's just amazing how much power Biden yields in this country, this type of power over the cost of almost everything might be unprecedented in American history.

 

[JoeB131]

A sellers market yes Joe, yet those selling probably could not afford to mortgage what they're currently living in

perspective.........~S~

If I were planning to sell, you might have a point.

But if I wanted to get a home equity loan I would be in good shape. If I wanted to leave property to my heirs, I would be in good shape.

 

[JoeB131]

Yep, not really a problem unless you decide to move. Now feel free to jump to another thread and complain about how high prices are and you feel so bad for the homeless.

The homeless can't afford homes no matter how cheap they are...

Now, if you want to talk about national housing policy, we certainly don't want to go back to the Bush years of giving people sub-prime mortgages they couldn't afford, because that was a terrible idea.

What we need is a public housing policy that is more than just handing someone a voucher and saying, "Good luck with that."

 

[1srelluc]

Yep, I finally got my late mom's house (now mine) up to snuff, brought in a assessor, and found it was worth 35K more than I thought it was as far as assessed value goes. That was just the house, I hit the adjacent lot right on the money.

Damn shame it's in FJB bucks.....I swear if our buying power gets any weaker it's gonna slip into a coma.

 

[DigitalDrifter]

The killer is, with these 20 year high mortgage rates, the home prices just haven't dropped to compensate for it.

I bought another house 2 1/2 years ago for right at $500K. Zillow says it's now worth over $700K.

Think about that. I paid $500K at 2.9% interest, and just 2 1/2 years later, someone would have to likely pay over $700K, and their interest rate would be 7%.
Unless the buyer had a lot of cash to put up front, their payments would be horrendous!!

 

[Concerned American]

But it's a terribly expensive market for first time buyers.

Every market is terribly expensive for first time buyers. The question is, would you rather lose 100% of your monthly housing cost (rent) or purchase and pay interest while building some equity? First time homebuyers have exactly NOTHING to lose and in most cases there are gov't programs to alleviate some of those exorbitant costs.

 

[Tumblin Tumbleweed]

Every market is terribly expensive for first time buyers. The question is, would you rather lose 100% of your monthly housing cost (rent) or purchase and pay interest while building some equity? First time homebuyers have exactly NOTHING to lose and in most cases there are gov't programs to alleviate some of those exorbitant costs.

Relax. I know all this. Equity all day long. All I'm saying is it was way more expensive for my kids in this market to find an affordable first home just last year. This too, will correct itself.

 

[Concerned American]

Relax. I know all this. Equity all day long. All I'm saying is it was way more expensive for my kids in this market to find an affordable first home just last year. This too, will correct itself.

When incomes increase double, nearly triple, there will be an equal increase in everything else. I live in an area that has experienced an unprecedented price increase and the real victims are the kids who were born and raised in this area and cannot afford the costs that have been prompted by out of state money that is driving up the prices.

 

[DigitalDrifter]

When incomes increase double, nearly triple, there will be an equal increase in everything else. I live in an area that has experienced an unprecedented price increase and the real victims are the kids who were born and raised in this area and cannot afford the costs that have been prompted by out of state money that is driving up the prices.

They will never get this.

 

[Tumblin Tumbleweed]

When incomes increase double, nearly triple, there will be an equal increase in everything else. I live in an area that has experienced an unprecedented price increase and the real victims are the kids who were born and raised in this area and cannot afford the costs that have been prompted by out of state money that is driving up the prices.

Same situation in my neck of the woods. It's tough pretty much all over the country right now.

 

[Moonglow]

Daily average mortgage rates jumped to their highest level since last November after last week’s disappointing inflation report. Persistently high home prices are exacerbating affordability challenges for buyers.

The average daily mortgage rate this week surpassed 7.4%, the highest level since last November.

The median U.S. home-sale price increased 5% from a year earlier during the four weeks ending April 14, bringing it to $380,250—just $3,095 shy of June 2022’s all-time high. The combination of high mortgage rates and prices have brought homebuyers’ median monthly housing payment to a record $2,775, up 11% year over year.

Wow, that Bidenomics, just working its magic. I know, it must be that evil Putin, maybe even Trump's fault.

Housing Market Update: The Cost of Buying a Home Hits New Record As Mortgage Rates Jump, Prices Rise 5%

I'm getting richer and you hate it.

 

[RoshawnMarkwees]

By contrast, my rust-belt, midwestern town has several historic houses in disrepair selling for next to nothing but instead, the city is building a homeless shelter for drug addicts and more welfare housing for socialist sloth.
The money for rent for one of the welfare units could cover a monthly mortgage payment on one of these historic homes.
The town is all democrat so that explains the stupidity and misplaced priorities.

 

[Moonglow]

I paid 25k for 43 acres in 1998 now it's worth 280k, ka-ching

 

[ThisIsMe]

Wow, that means your house is worth more than you probably paid for it. This is good for people looking to sell.

My place is worth 40K more than what I paid for it right now. That's awesome.

Yeah, but that’s not going to last…eventually things will stabilize…I just wonder how much that market value will fall when it does stabilize.