Name: Homebuying Costs Hit Another Record High
Uploaded: 2024-04-18T09:58:09-04:00
Channel: TMN Editor
Description: The cost of buying a home hit another record high as rising rates intersected with home price growth. The median U.S. home sale price increased 5% YOY to $380,250 during the four weeks ending April 14. This is just a few grand below June 2022’s all-time high. At the same time, mortgage rates have jumped

The cost of buying a home hit another record high as rising rates intersected with home price growth. The median U.S. home sale price increased 5% YOY to $380,250 during the four weeks ending April 14. This is just a few grand below June 2022’s all-time high. At the same time, mortgage rates have jumped up over 7% in recent weeks as inflation data forced the Central Bank to walk back its talk of rate cuts. Some analysts who previously predicted three cuts from the Fed in 2024 now say there may be none at all. “I think we’re still expecting a couple but clearly we continue to kick the can down the road on rate cuts, and it wouldn’t…