be a factor to at least a few.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan this week jumped to 4.16% from 3.85% last week. That’s a sharp contrast from last year’s record-low mortgage rates of under 3%. A year ago, the 30-year rate stood at 3.09%.
https://www.democraticunderground.com/10142889877
A year ago, it says the average mortgage rate was 3.09%. On a $300,000 home, that's a $1,279/month principal and interest (P&I) payment for a 30 year fixed loan.
Now at 4.16% -- that's a $1,460/month payment.
That's 14.2% increase. A $2,172/year increase.
And that's not all. According to the latest Case-Shiller national home prices report, the average home price increased by 18.8% in the past year.
So on average that $300,000 home became a $356,400 home.
The P&I on a $356,400 home at 4.16% interest is $1,735/month
So in one year, thanks to the combination of higher mortgage rates and higher house prices, we have a 35.6% increase in the P&I payment. From $1,279/month to $$1,735/month, a $456/month ($5.472/year) increase.
None of the above includes the other components of most mortgage payments: property taxes and insurance, that have increased at least as much as the property prices.
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Edited to add: the latest monthly Case Shiller report just came out today, March 29:
Their national price index for January is 19.2% higher than the previous January (they have a near 2-month lag)
https://www.prnewswire.com/news-releases/sp-corelogic-case-shiller-index-reports-19-2-annual-home-price-gain-to-start-2022--301512823.html
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