From Bankrate:
Average mortgage rates for single-family homes in the 10 largest metropolitan areas as of Apr. 12 as compiled by bankrate.com. The rates are for 30-year, fixed-rate mortgages for 80 percent of the value of the house. A point is a one-time fee equaling one percent of mortgage.
Apr. 12 Prev. Wk
percent+points
Boston 6.56 + 0.26 6.51 + 0.21
Chicago 6.69 + 0.10 6.65 + 0.06
Dallas 6.58 + 0.48 6.51 + 0.45
Detroit 6.62 + 0.00 6.59 + 0.00
Houston 6.55 + 0.55 6.49 + 0.52
Los Angeles 6.59 + 0.50 6.55 + 0.39
New York 6.62 + 0.21 6.45 + 0.20
Philadelphia 6.39 + 0.70 6.42 + 0.40
San Francisco 6.63 + 0.26 6.59 + 0.22
DC Metro 6.41 + 0.87 6.35 + 0.71
National Avg 6.55 + 0.39 6.51 + 0.32
bankrate.com’s national average for a 5-year adjustable mortgage, based on a 30-year loan for 80 percent of the value of a single-family house.
Apr. 12 Prev. Wk
percent+points
Average 6.25 +0.38 6.17 +0.35
Wait till the 30 yr fixed goes up to its usual 7.5 to 8.5 range. That will be the end of the 250-400k 25 year old townhouses and 50 yr old 3 bdr ranch starter homes.
Lets see. 250k townhouse with 20% down = $1,500 month P & I + at least $600 for property tax and HOA. $50 more for insurance. $2,150 a month for a 25 year townhouse with a lifespan of 30 to 35 years. What a bargain
Prices are going to just collapse if rates continue up.
RE is reliant on monthly payments. s interest rates and taxes go up prices must go down big to correlate to these increases.
That’s what I was trying to say. When you have to gross 100k and be able to put down $50 to $100k to get into a starter home without using a suicide loan something is definitely wrong with the market.
yeah it’s called insane irratinal….bubble!
Great article! Mortgage. Find best mortgage rate and mortgage calculator.