As mortgage rates drop, but housing prices are rising for the first time in 27 weeks, homebuyers may find themselves in a more favorable financial position but still facing higher costs upfront.
The median listing price for homes has increased by 0.2%, making the average monthly payment for a typical home at 6.69% around $2,150, which is $26 less compared to last week.
Today's mortgage payments are significantly lower than when rates peaked at 7.79% in October 2023, offering buyers an average savings of $248 per month.
While mortgage rates fell this week, rising home prices mean buyers still need to consider their overall budget, especially with payment variations based on down payment percentages.
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