How does rate increases effect home prices?
Dated: January 31 2022
Views: 336
The median existing home price in the U.S. was $358,000 in December, a 15.8% increase from $309,200 in December 2020. If interest rates rise a full percent up to 4%, but prices rise 5% to $375,900 - not 15.8% ($414,564) - the monthly payment on a 30-year mortgage rises to $2,892/month. If interest rates stayed at 3% and pricing jumped 15.8% (to $414,500) again that monthly payment would be $2,854/month, a $38 difference. Higher rates will more than likely fuel smaller price increases. (CNBC))
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