Americans now have to put up more money than ever to buy a home, with rising mortgage rates and expensive home prices continuing to push up housing costs.
“The median U.S. home-sale price hit a record $383,725 during the four weeks ending April 21, up 5.2 percent from a year earlier—one of the biggest jumps since October 2022,” said an April 25 Redfin press release, adding that buying a home now costs “more than ever.” Average weekly mortgage rates hit 7.1 percent as it became clear that the U.S. Federal Reserve would keep interest rates higher for a longer period. This is the highest weekly mortgage rate since November last year.
