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☆ Buyers need a six-figure income to afford a 'typical' home, report finds. Here's how to reduce the cost
▼ + stars: | 2022-11-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

In October, U.S. buyers needed to earn $107,281 to afford the median monthly mortgage payment of $2,682 for a "typical home," Redfin reported this week. That's 45.6% higher than the $73,668 yearly income needed to cover the median mortgage payment 12 months ago, the report finds. The primary reason is rising mortgage interest rates, said Melissa Cohn, regional vice president at William Raveis Mortgage. "The bottom line is mortgage rates have more than doubled since the beginning of the year," she said. "Home prices have gone up substantially, mortgage rates have more than doubled and that's just crushing affordability," said Keith Gumbinger, vice president of mortgage website HSH.

☆ It’s a terrible time to buy a house. Here’s what to know if you have to do it anyway
▼ + stars: | 2022-11-12 | by ( Anna Bahney | ) edition.cnn.com time to read: +9 min

“It is something I’ve never seen a combination of, this lack of inventory and higher interest rates,” Lafferty said. “If that comes to pass, you can do a refinance and secure a lower interest rate and lower payments. Buy down your interest rate with pointsBorrowers can lower their payments by paying more upfront to buy down their mortgage rate. The downside: While getting a lower interest rate is very appealing, it means shelling out more money up front. In September, when mortgage rates were around 5.75%, Kelly worked with borrowers who were buying a $590,000 house.

☆ Homebuyers are making the biggest down payments in these 5 metros. Here’s how much you actually need for a house
▼ + stars: | 2022-10-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

nd3000 | iStock | Getty Images5 metros with the biggest down paymentsIn 2022, these five metros have had the highest down payments based on LendingTree mortgage data from from Jan. 1 through Oct. 10, 2022. A larger down payment means a smaller mortgage, which can "certainly help offset the cost of rising interest rates to a degree," he said. While certain kinds of mortgages allow down payments as low as 3%, you'll have to pay mortgage insurance on loans with less than 20% down, and you may see higher interest rates, Gumbinger said. While smaller down payments mean higher interest rates and mortgage insurance, home buyers may reduce these expenses in the future, she said. When interest rates drop, there may be a chance to refinance, and buyers may remove mortgage insurance once they reach 20% equity in the home, Cohn said.

Rising rates have erased the affordability many homebuyers found at the height of the pandemic, when mortgage rates were at all-time lows. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year fixed mortgage ratesThe current average 30-year fixed mortgage rate is 6.29%, according to Freddie Mac. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 5.44%, an increase from the prior week, according to Freddie Mac data. Adjustable-rate mortgages can look very attractive to borrowers when rates are high, because the rates on these mortgages are typically lower than fixed mortgage rates.

See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year fixed mortgage ratesThe current average 30-year fixed mortgage rate is 6.29%, according to Freddie Mac. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 5.44%, an increase from the prior week, according to Freddie Mac data. Adjustable rate mortgages can look very attractive to borrowers when rates are high, because the rates on these mortgages are typically lower than fixed mortgage rates. Mortgage rates started ticking up from historic lows in the second half of 2021 and have increased significantly so far in 2022.

Mortgage rates shot up late last week after the Fed chose to enact another 75-basis-point hike to the federal funds rate. See more mortgage rates on Zillow Real Estate on ZillowMortgage refinance rates todayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. Mortgage rates started ticking up from historic lows in the second half of 2021 and have increased significantly so far in 2022. Inflation remains elevated, but has started to slow, which is a good sign for mortgage rates and the broader economy.

Since January, the average 30-year fixed mortgage rate has increased by over three percentage points, according to Freddie Mac. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. Mortgage rates started ticking up from historic lows in the second half of 2021 and have increased significantly so far in 2022. Inflation remains elevated, but has started to slow, which is a good sign for mortgage rates and the broader economy. What is a good mortgage rate?

Like a rate-and-term refinance, a cash-out refinance replaces your current mortgage with a new loan. You decide to get a cash-out refinance for the full amount you can borrow, which is $240,000 (or 80% of $300,000). Does it ever make sense to take on a higher rate to get a cash-out refinance? Cash-out refinance alternativesA cash-out refinance isn't the only way to take equity out of your home. Getting a cash-out refinance when mortgage rates are high typically doesn't make sense for most borrowers who are already locked into lower rates.

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