U.S. home prices recently faced their sharpest rise since November.
at each point in time to purchase the median-priced home using a 20% down 30-year fixed-rate mortgage.
In doing so, Black Knight found that it currently requires a $2,423/month mortgage payment to purchase the median-priced home today . "That’s the highest such mortgage payment ever required and represents a $1,155 increase over the past 2 years," Andy Walden, the Vice President of enterprise research strategy, told FOX Television Stations. Consequently, the $2,423/month payment represents 38.
Redfin CEO Glenn Kelman recently expressed that many Americans would be "shocked" to see "how little" $1 million buys in certain markets.The average long-term U.S. mortgage rate jumped to 7.09%, its highest level since April of 2002, according to Freddie Mac. One year ago, the rate averaged 5.13%.
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