Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.Rates for home loans rose to the highest level since 2018 as home prices also hit a new all-time high, all of which is creating stronger headwinds for those trying to buy a home.
As interest rates are hitting new highs since Covid-19 began, so too are housing prices, making it a particularly tough time to buy a home. In March, the national median home listing price toppled $400,000 for the first time ever, landing at $405,000, according toAs both home prices and interest rates increase, it quickly erodes how much house a buyer can afford.
Pettee notes that the sudden surge in interest rates is reminiscent of late 2018, when rates started that year below 4% and reached a high of 4.94% in November. Back then, many Americans opted to rent rather than contend with rising rates, but that only accelerated rental costs.hit a record high by rising 17.8% that year compared to an average annual increase of only 2.3% from 2017 to 2019, according to Apartment List.
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