Median mortgage payment up 66% from a year ago at today's average interest rate

The average rate for a 30-year fixed mortgage topped 6% this week for the first time since late 2008, and the latest data shows the staggering impact a combination of rising rates and elevated home prices has on home affordability.that the average rate for the benchmark 30-year note is now at 6.02%, Realtor.com manager of economic research George Ratiu ran the numbers and found that the median mortgage payment is now $2,100 — a 66% surge from just a year ago.

Using Realtor.com's latest list price for August of $435,000 and assuming a 20% down payment, Ratiu plugged in today's mortgage rate and discovered the eye-popping payment hike over this time last year when rates were still under 3%. Buyers are retreating from the market as they cancel home sales at the fastest pace since 2020, and mortgage applications for purchases continue to slide.

published earlier this month shows the sector is starting to slow considerably: Home builders' sentiment about the industry plunged to the lowest level in two years, buyers are retreating from the market as they cancel home sales at the fastest pace since 2020, and mortgage applications for purchases continue to slide.

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