Current mortgage rates have risen to 6.72%, increasing monthly payments for new buyers slightly compared to last week, but remaining significantly lower than October's peak of 7.79%.
At a 6.72% mortgage rate, a typical monthly payment on a median-priced $416,880 home is about $2,156, a $27 increase from last week’s rate, but $269 less than October 2023.
While this week’s rate increase results in higher monthly payments compared to last week, homebuyers still enjoy substantial savings of $3,228 per year compared to when mortgage rates peaked.
With a 3.5% down payment, monthly payments on a median-priced home at today’s rate are $2,601, also showing a noticeable drop of $292 compared to the peak rate in October.
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