Monday, May 6, 2024 | The Latest Buzz for the Appraisal Industry

With Soaring Rates, Monthly Mortgage Payments Up $500, Redfin Observes

Mortgage rates are shooting up at the fastest pace in history, sending the typical monthly mortgage payment for a homebuyer up more than $500 since the beginning of this year, according to Redfin. As rates quickly approach 5%, Redfin expects their impact on homebuyer demand to change from a motivator – driving a sense of urgency to buy before rates rise further – to a deterrent, causing buyers to step back as the cost

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