Elevated Mortgage Rates are Leading to Sharply Higher Monthly Payments Even as Home Prices Ease

Associated Press/The Canadian Press, July 7, 2023–Alex Veiga

Would-be homebuyers are willing to take on sharply higher mortgage payments, even as home prices have begun to pull back this year. The median monthly payment listed on applications for home purchase loans jumped 14.1% in May from a year earlier to an all-time high $2,165, according to the Mortgage Bankers Association. The May figure also represents a 2.5% increase from April. https://ca.movies.yahoo.com/elevated-mortgage-rates-leading-sharply-100052301.html