- The median new mortgage payment rose about 1% last month, per the Mortgage Bankers Association.
- That’s due to higher mortgage rates and home prices, which have created affordability barriers in the market.
- Experts have warned the housing market is in deep-freeze, with high mortgage rates creating a slowdown in sales.
Home affordability got even worse last month, with the average payment on new mortgages rising from the prior month.
The national median payment applied for by purchase applicants rose to $2,112 in April, up about 1% from March, according to the Mortgage Bankers Association.
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