This latest hike follows last week’s announcement from the federal reserve about plans to boost interest rates at a faster pace -- as a way to fight inflation on everything from groceries to cars, to gas.
News4JAX crunched the numbers on a $250,000 home loan, without taxes, insurance, and fees, finding that a year ago today the average 30-year fixed interest rate was 3.04% -- amounting to a $1,059 a month mortgage payment. That same $250,000 home loan at today’s 5% interest rate amounts to a payment of $1,342. That’s $283 extra a month, which is $3,386 extra a year.
Federal officials are hoping that higher interest rates will help to slash inflation, while homes remain in short supply. In March, Jacksonville home prices were up 25.5% compared to last year, selling for a median price of $295,000, according to Redfin.Copyright 2022 by WJXT News4Jax - All rights reserved.
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