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Typical mortgage payment has risen $337 in just six weeks as interest rates nearly hit 7%




The average American homeowner saw their monthly mortgage payment increase by 15 percent or $337, according to a shocking new report from Redfin.

The report goes on to say that the rising mortgage rates of around seven percent are the highest since July 2007 shortly before the crash that triggered the Great Recession.

This leads to potential home buyers getting cold feet and deciding not to buy in today’s market.

In addition, homes are staying on the market longer, resulting in owner-occupiers dropping prices to the highest level since 2015.

Not since January have pending sales been at their lowest level now, while the amount of homes selling below market prices is at its highest level since 2020. While new listings are down 1[ads1]4 percent from the same time in 2021.

Redfin’s Jason Aleem is quoted in the report as saying, “It’s important for home sellers to react quickly and aggressively when the market turns.”

He continued: “This means adjusting prices immediately if you want to be competitive and attract offers from a smaller pool of qualified home buyers. If your home is not the ‘balle of the ball’ in your neighborhood, you have to cut the price to sell it.’

Typical mortgage payment has risen 7 in just six weeks as interest rates nearly hit 7%

According to the Redfin report, rising mortgage rates of around seven percent are the highest since July 2007 just before the crash that triggered the Great Recession

One of Redfin's key indicators of decline in potential buyers is the fact that

One of Redfin’s key indicators of a decline in potential buyers is the fact that “houses for sale” as a search term on Google was down 33 percent in September compared to the same time last year

The new listings of homes are down 14 per cent from the previous year

The new listings of homes are down 14 per cent from the previous year

One of Redfin’s key indicators of a decline in potential buyers is the fact that ‘houses for sale’ as a search term on Google was down 33 percent in September compared to the same time last year.

Other factors, such as repatriation requests, are down along with mortgage applications.

At the time of writing, the average home price in the United States is $369,250, which is up seven percent year-on-year.

Sales prices in crime-ridden San Francisco are down four percent, while they are down 11 percent in New Orleans.

Mortgage buyer Freddie Mac reported Thursday that the average 30-year yield rose to 6.70 percent from 6.29 percent last week. In contrast, the rate was 3.01 per cent a year ago.

The average interest rate on 15-year fixed-rate mortgages, popular with those looking to refinance their homes, rose to 5.96 percent from 5.44 percent last week.

Rapidly rising mortgage interest rates threaten to put even more home buyers on the sidelines after more than doubling in 2022. Last year, potential home buyers saw interest rates well below 3 percent.

Freddie Mac noted that for a typical mortgage amount, a borrower who locked into the higher end of the range of weekly payments over the past year would pay several hundred dollars more than a borrower who locked into the lower end of the range.

Seattle's housing market is slowing faster than anywhere else in the country, a new study has revealed -- as cash-strapped buyers increasingly shy away from home purchases

Seattle’s housing market is slowing faster than anywhere else in the country, a new study has revealed — as cash-strapped buyers increasingly shy away from home purchases

Last week, the Federal Reserve raised its benchmark interest rate by another three-quarters in an effort to rein in the economy, its fifth increase this year and third consecutive 0.75 percentage point hike.

Perhaps nowhere is the effect of the Fed’s action more apparent than in the housing sector. Existing home sales have been in decline for seven consecutive months as the rising cost of borrowing money puts housing out of reach for more people.

The government reported Thursday that the U.S. economy, battered by rising consumer prices and rising interest rates, shrank at an annual rate of 0.6% from April to June. It was unchanged from the previous estimate for the second quarter.

Fed officials estimate they will raise the benchmark interest rate further to about 4.4% by the end of the year, a full point higher than they envisioned as recently as June. And they expect to raise interest rates again next year, to around 4.6%. That would be the highest level since 2007.

By raising interest rates, the Fed makes it more expensive to take out a home loan and a car or business loan. Consumers and businesses then presumably borrow less, which cools the economy and slows inflation.

Mortgage rates do not necessarily reflect the Fed’s rate hikes, but tend to follow the yield on the 10-year Treasury bond. It is influenced by a number of factors, including investors’ expectations of future inflation and global demand for US Treasuries.



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