Mortgage holders are shelling out a record $2,800 on average to cover their monthly payments.
The median monthly mortgage payment has jumped 11% over the past year to hit $2,775 for the four weeks ended April 14, Redfin data shows.
The average 30-year fixed mortgage rate spiked to a five-month high of 7.4% this week, per Mortgage News Daily.
That has driven 30-year mortgage rates from about 3% at the start of 2022 to more than 7%, which has caused monthly mortgage payments to spike.
The result is that consumers face a double-whammy of painful price increases and steeper monthly interest payments.
Persons:
—, Barbara Corcoran, Bill Pulte
Organizations:
Service, Mortgage