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Typical Monthly Mortgage Payment Rose 30% in First Quarter

Wednesday, May 04 2022
Lending
Written by  The Mortgage Leader

Home buyers may find housing less affordable, as monthly mortgage payments on a median existing single-family home with a 20% down payment rose 30% from a year earlier to $1,383. So reports Realtor Magazine. 

arrows 311332 640 smallThe data is from the latest quarterly report from the National Association of Realtors (NAR).

Mortgage payments accounted for 18.7% of a typical household’s income, compared with 14.2% a year earlier, according to the NAR.

“I expect more pullback in housing demand as mortgage rates take a heavier toll on affordability,” Lawrence Yun, NAR’s chief economist, said in a statement.

Read the full post from Realtor Magazine. 

 

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