The current volatility in the housing market is evident as home prices drop while mortgage rates rise, affecting monthly payments for new buyers.
At a 6.44% rate, a median-priced $425,000 home now leads to a monthly payment of about $2,136, showing a modest increase compared to last week.
Despite the recent rise in rates, buyers today save significantly compared to last October's peak rates, reducing their financial burden over a potential 30-year term.
For many, the differences in monthly mortgage payments – ranging from $27 to $374 – highlight a continuing challenge in managing mortgage financing amidst market fluctuations.
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