The new date is Sep 29, 2022.
Americans are paying 15% more on their mortgage payments than they were six weeks ago, as the market continues to bleaken for prospective home buyers.
There is a real estate sign in front of a house.
The average monthly mortgage payment on the median asking price home is $2,547, which is the highest level since the metric was first tracked.
That is a 15% increase from August 14 and a 50% increase from this time in 2021.
The 30-year fixed mortgage rate hit a 16-year high of 6.7% on Thursday, up from 4% in the first week of August and 3% a year ago.
The housing market is already feeling the pain of the Feds actions to bring down inflation as demand for new mortgages hit its lowest level since 2000 last month and new home sales teeter near its lowest level since early 2020. There was a spike in new home sales in August. The median home sale price in the four weeks ending September 25 was $369,250, up 7% from a year ago and 20% from a year ago.
The worst time to buy a home in a long time is now, according to a real estate professor.
The stock market fell on Thursday due to investor concerns that the Fed would use economic data to pursue further rate hikes.
The markets fell following a flurry of economic data.
There are early signs of a recession in the housing market.
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