Mortgage rates hurt buyers more than home prices

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Mortgage Rates Hurt Buyers More Than Home Prices

Economist: Mortgage Rates Hurt Buyers More Than Home Prices Rates are nearly double what they were a year ago, and the latest housing data from the National Association of REALTORS® demonstrates the impact of the jump in borrowing costs. The nation is witnessing a "housing recession," says NAR Chief Economist Lawrence Yun, as existing-home sales plummeted 20% year over year in July, according to NAR data. While home price increases add to home buyers’ costs, the impact of higher mortgage rates is much more—triple the impact on a monthly mortgage payment, Evangelou notes. An increase of just one percentage point in mortgage rates has the same effect on mortgage payments as if home prices rose by 13 percentage points, she writes. The typical monthly mortgage payment was nearly $2,000 in June, up 54%—or $679—compared to a year ago.

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