According to the Mortgage Bankers Association, the median monthly payment for home purchase loans in the US increased by 14.1% in May compared to the previous year, reaching an all-time high of $2,165. This increase is attributed to high interest rates and low housing inventory, which have impacted homebuyer affordability. Although home prices have started to decline, they are still nearly 40% higher than three years ago. Additionally, the average rate on a 30-year home loan has reached a new high for the year at 6.81%, more than double what it was two years ago.

The post Monthly Mortgage Payments remain high even as U.S. home prices ease appeared first on Balanced News Summary.