Taps Coogan – April 4th, 2022
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The average 30-year fixed mortgage has slingshot from an all-time low of 2.65% in January 2021 and a similar low of 2.77% in August 2021 to 4.67% as of March 2022, just shy of the decade high set in 2018 as the following chart from Mortgage News Daily highlights.
The year-over-year rate of increase in the 30-year mortgage is now the fastest percentage increase since 1980 and nearly the fasest increase on record. The cost of a mortgage is up nearly 50% over the past 12 months.
Year-over-Year Percentage Increase in 30-Year Fixed Mortgage
As home buyers know, the higher the mortgage rate, the less expensive of a home one can afford to buy. That means that increases in mortgage rates tend to put downward pressure on home prices.
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